Richmond Mall has been listed for sale, representing the first Sydney metropolitan neighbourhood centre offered to the market in 2024.
The recently refurbished neighbourhood centre is anchored by a strong performing Coles supermarket, historically paying percentage rent and is supported by a diverse mix of 11 convenience specialty retailers.
James Wilson and Ben Wilkinson of Colliers along with the JLL Retail Investments team of Sam Hatcher, Nick Willis, David Mahood and Sebastian Fahey have been exclusively appointed to sell Richmond Mall, 271 Windsor Street, Richmond on behalf of Fund Manager IP Generation via an Expressions-Of-Interest campaign.
Hatcher said, “Demand for retail investments outpaced all other sectors in 2023 which resulted in retail transactions topping both office and industrial for the first time since 2004.”
The asset is 100% occupied and provides an attractive weighted average lease expiry (WALE) of more than eight years. Major tenant Coles has recently signed a new 10-year lease until 2033 with further two five year options.
High pent-up demand for Sydney metro neighbourhood shopping centres means a high level of interest is expected, with only two freehold Sydney neighbourhood shopping centres brought to market publicly in 2023.
“The NSW neighbourhood shopping centre market has remained incredibly resilient, with metro and non-metro neighbourhood shopping centres recording 2023 transactions in the mid 5%, range including Woolworths Bomaderry Shopping Centre and Schofields Village. We anticipate strong engagement from highly capitalised domestic and offshore private capital to continue into 2024 with renewed confidence based on the markets forecast the peak of the interest rate cycle,” said Wilson.
Situated in Sydney’s rapidly growing North West Growth Corridor, the centre is located just 500m from Richmond Train Station and has easy access to both the Parramatta and Sydney CBDs. The catchment is bolstered by its proximity to the RAAF Base, UWS Hawkesbury Campus, and TAFE NSW Richmond.
Richmond Mall is for sale via an Expressions of Interest campaign closing on March 20th, 2024.
