ISPT’s Core Fund is moving to sell its 50% stake in Warriewood Square, a dominant sub-regional shopping centre located on Sydney’s Northern Beaches, following a strategic portfolio review.
CBRE’s Pacific Head of Retail Capital Markets Simon Rooney has been appointed by ISPT to steer the on-market sale process for the 30,344m2 centre, which is co-owned and managed by Vicinity Centres.
The strong performing Warriewood Square is anchored by national retailers Woolworths, Coles, ALDI and Kmart, proving a leading major tenant WALE by income of 9.2 years.
There are five mini majors, including Rebel, Cotton On Mega and JB Hi-Fi, alongside 98 specialty stores and kiosks.
“The sale provides an opportunity for investors to gain a foothold in one of the most tightly held investment destinations in Australia, with just six sub-regional shopping centre transactions occurring in metropolitan Sydney since 2020,” Rooney said.
“We expect Warriewood Square to be well contested by a range of domestic and offshore groups given the centre’s strong trading performance, solid investment fundamentals, metropolitan Sydney location and secure tenancy profile.”
Situated 29km north-east of the Sydney CBD, the centre underwent a significant $85 million redevelopment in 2016, which introduced the ALDI supermarket, additional mini-majors and a new multi-storey car park.
It serves an established and affluent trade area of 109,000 residents, with incomes 13% above the Sydney benchmark.
An estimated 4.1 million customers visited Warriewood Square last year, underpinning the robust performance of supermarket operators Woolworths, Coles and ALDI, with combined annual sales in excess of $100 million.
