Cranebrook Village located in the western Sydney suburb of Cranebrook has sold for $48.1 million, representing a 5.29% yield to a Sydney based private investor. The area is undergoing significant development and growth in western Sydney. The centre is dual anchored by Woolworths and Aldi supermarkets and further secured by a range of national and non-discretionary retailers.
The centre was completed in December 2016, providing significant depreciation benefits and a secure WALE 14+ years and has the only supermarkets servicing 17,230 people in the primary trade area.
The centre has a GLA of 6,633m2 and is positioned on a significant 19,800m2 land holding with further development opportunity with fully leased net income $2,568,355 p.a *
“This limited supply coupled with increased demand from investors to acquire non-discretionary retail is driving further compression on yields, in particular metropolitan markets. This was evidenced in the transaction where 10 offers were received and interest ranged from local, interstate and offshore investors” said Nick Willis, Associate Director, NSW Retail Investments, CBRE
The property was marketed by Nick Willis and Justin Dowers of CBRE in conjunction with Savills via a public Expressions of Interest campaign that generated over 270 enquiries and resulted in 10 offers.
