Mirvac has announced that the neighbourhood retail precinct located within its award-winning St Leonards Square development on the Lower North Shore is for sale.
Situated in one of Sydney’s most connected and vibrant precincts and offering a secure and strong income stream, the St Leonards Square retail precinct provides 2,383m2 of gross lettable area (GLA) and is anchored by QE Foodstores and Salon Lane.
The retail precinct comprises 10 ground-floor retail tenancies, including a supermarket, services and F&B that have direct exposure and pedestrian access to the Pacific Highway.
The asset is exclusively listed with Colliers, in conjunction with IB Property, on behalf of the vendor Mirvac.
James Wilson, Head of Retail Middle Markets at Colliers said, “The neighbourhood shopping centre sector has proven resilient in the post-pandemic era, with 44 neighbourhood assets transacted for a combined value of $1.76 billion in 2022, with yields remaining sharper than historical periods. Constrained supply of neighbourhood shopping centres resulted in NSW recording only one-third of transactions compared to the previous year, with private generational capital dominating campaign enquiries due to their generation mandates being more resilient to recent debt markets.”
“St Leonards is one of Sydney’s most exciting precincts, with investors attracted to the expansive gentrification in line with the development of the Crows Nest Metro Station and the affiliated St Leonards and Crows Nest 2036 Plan. The local populous is set to double by 2036 as approximately 6,680 new dwellings and 16,500 new jobs are forecasted to be created. This bodes extremely well for the future retailer patronage in St Leonards Square and underpins St Leonards’ future economic growth,” added Tom Appleby, Director Sydney North Sales at Colliers.
Mirvac’s Head of Residential and Development, Stuart Penklis said that Mirvac was very proud of the St Leonards Square development, which has been a key contributor to the overall rejuvenation of the suburb.
“Located in the heart of Sydney’s Lower North Shore, only 4.5 kilometres from the Sydney CBD, St Leonards Square offers boutique retail at the heart of the area’s best urban living destination.
“Mirvac completed St Leonards Square in 2019, delivering luxury residential apartments across two striking towers with iconic views of the Sydney CBD and Sydney Harbour and exclusive residential amenities. The project was awarded Urban Taskforce Australia’s 2020 award for High Density Residential Development, and we are extremely proud of its contribution to the revitalisation of St Leonards,” said Penklis.
With more than 78% of national, chain and non-discretionary retailers securing the GLA and income of St Leonards Square, the asset has an attractive WALE of 5.5 years by income and is complemented by highly prized annual rental review structures.
“St Leonards Square is anchored by proven high-quality convenience-based food and beverage tenants with multiple locations predominantly in the city fringe and eastern suburbs of Sydney, who saw St Leonards as a strategic location in the North Shore to expand.
“Key tenants such as QE Foods, Chambers Cellars & Salon Lane are well-known brands which attract customers both from within and outside the catchment of St Leonards Square. Anchor food and beverage tenants such as Organica, Rusty Rabbit, Sekka Ramen & Mayflower all have established businesses and have made St Leonards Square the go-to dining precinct in St Leonards,” said Penklis.
Convenient multi-direction access to the secure underground car park from Nicholson St provides retail visitor parking for 95 vehicles. Sitting in the core of Sydney’s North Shore Economic Corridor, St Leonards Square benefits from its activated positioning on the western side of the Pacific Highway and its world-class accessibility to major arterial roads and public transport amenity. The soon-to-be-opened Crows Nest Metro Station is situated just 150m away.
St Leonards Square is being exclusively offered for sale via an Expressions of Interest (EOI) campaign, closing on Wednesday, 22nd March 2023.
