The Hurstville Central Shopping Centre has sold for $119.5 million to a US based firm in their first retail acquisition in Australia. The centre has one of Sydney’s busiest train stations integrated in to it. The sale reflects a passing yield of 6.07%, highlighting continued demand for Sydney metropolitan retail assets.

Hurstville Central is a thriving retail transit hub, acting as the sole entry point for approximately 12.5 million commuters and is directly linked to two major bus interchanges, making it one of a kind in Sydney’s south. The leasehold property (42 years remaining) comprises a two-level shopping centre with concourse retail at ground level and service retail and car parking above. It is anchored by a high turnover Coles supermarket and complemented by four mini-majors, 27 specialties, eight kiosks and seven ATMs and benefits from 236 car spaces, with reports of over 98% occupancy.

Stonebridge Property Group and McVay Real Estate co-marketed the property. Phil Gartland of Stonebridge said “The sale result and volume of enquiry during the sale campaign was extremely strong. Hurstville Central is a very complex asset due to its leasehold title and transit interchange integration, but its exceptional location, customer traffic and income growth potential drew solid interest from a broad cross-section of buyers.”

Hurstville Central sits in the heart of Hurstville Town Centre.

Sam McVay of McVay Real Estate said “Sydney’s phenomenal economic and population growth is making retail investments in metropolitan areas increasingly sought after, particularly those located on or around key infrastructure within a short radius of the CBD.”