After completing the transfer of the One Global Conference Centre, property developer, Iwan Sunito’s One Global Capital has continued its buying spree securing The Grand Shopping Centre at Eastlakes in Sydney’s east for $19.5 million on a yield of 7%. The acquisition is still under contract with completion of the acquisition expected to occur in August 2024.
The Grand Shopping Centre grows the company’s recurring income asset base. More acquisitions are expected in coming months.
“This acquisition will bring One Global Capital’s investment asset value to be in excess of $750 million,” One Global Capital Chairman and Group CEO Iwan Sunito confirmed.
“We are at the early stage of growth phase of the company. I am very happy with the strategic acquisition that I have built up in the last two years,” he said.
“This significant acquisition forms part of a strategic seven-year vision to go public while growing the ‘recurring income’ of the company and building its mixed-use development capacity.
“The centre will eventually be rebranded from ‘The Grand’ to ‘The One Global Centre’ and the team is immediately working towards adding more mix including more convenience stores. We expect to fill up the space within three months following completion of the acquisition,” Sunito added.
The first stage of The Grand Shopping Centre, which opened in July 2021, comprises over 3,000m2 of retail space and consists of 16 outlets including a larger format ALDI, a Woolworths Metro and a range of specialty stores including Pattison Pattiserie, Wholelife Pharmacy, Australia Post and Newsagency, Ausome Nails, Akira Sushi, Hatch Espresso, SP mobile and Val Morgan Retail.
“We are planning to add more retailers into the centre to make The One Global Centre super convenient,” Sunito added.
“I have appointed Gary Mason from Savills Leasing and Katrina Newcombe to Savills Centre Management to immediately work towards securing more tenants. We expect to fill the spaces in a short space of time. We are working closely with a global food franchising fast food restaurant, a Thai Restaurant and an Asian Grocery store and a Medical Centre.
“In addition, we are going to be working intensively with architects to take The Grand to a new level. We want The One Global Centre to be the new community hub for the East.
“I am greatly inspired on the ‘walking village’ and ‘green concept’ of Brisbane’s James Street in Fortitude Valley and West Hollywood.
“We want The One Global Centre to be a centre that brings green to the area and also to rediscover its social and cultural roots.
“I believe that The One Global Centre being surrounded by many of the residents around it and the low-rise buildings is ideal for this walkable village and green centre concept.”
Eastlakes, NSW
History of Eastlakes
Historically, Eastlakes was the centre of the eastern suburbs. The other major attraction to the area in the 20th century was Rosebery Park Racecourse, which, although named Rosebery, was situated in Eastlakes.
It was the second ‘Rosebery Racecourse’ (the first being constructed just outside of the former Botany Bay LGA, on the north-eastern junction of Gardeners Road and Botany Road) and was built in 1906, with a new grandstand estimated at £12,000. It was a very successful attraction and regularly held meets with thousands of attendees.
In both world wars, Rosebery Park Racecourse was used as a parade ground and military training ground (including for the 1st Light Horse Brigade in World War I) and became the headquarters of the 8th Division of the Australian Imperial Force in World War II.
In 1961, the Sydney Turf Club sold Rosebery Park Racecourse to Parkes Developments Pty Ltd. Over the next ten years, the old racecourse was replaced by the Lakes Shopping Centre, and more than 65 red brick ‘walk-up’ style apartments, as well as a handful of public housing developments – including a complex designed by noted architect, Harry Seidler. The remainder of the suburb was developed for detached residential cottages.
“I believe that when our master-planned development is completed, Eastlakes will be the ‘NEW EAST’ and for me it’s one of the biggest sites that the Crown Group acquired in December 2006. To think that we were able to acquire and have the trust of people to co-develop the 2.5 hectare site, was a great accomplishment to me,” Sunito said.
“As one of the largest urban renewal projects in Sydney, it will dramatically enhance the local area bringing significant much needed new amenity. I’ve always seen Eastlakes as a hidden gem. The area already has great infrastructure including schools, proximity to the UNSW, and surrounded by three golf courses.”
