Parramatta’s Entrada Shopping Centre has been brought to market, amid significant ongoing demand for non-discretionary retail investment opportunities.
CBRE’s James Douglas has been appointed to manage the sale campaign on behalf of Cook Property Group, with Expressions of Interest invited by 12pm on November 12.
The prominent and fully-leased retail complex, 1km north of the Parramatta CBD, is anchored by a strong-performing Coles supermarket and is expected to attract offers in the mid $40s.
Situated beneath a residential complex on the high-profile corner of Victoria Road and Church Street, Entrada Shopping Centre has a gross lettable area of 5,570m2 and its own 196-space car park. The centre offers exceptional security of income and tenure with a WALE of 7.2 years, headlined by a Coles supermarket on a lease to 2030 with two, ten-year options.
The Coles is the only full-line supermarket in the trade area, has recorded impressive year-on-year MAT growth of 3.3% and is expected to generate percentage rent in the coming years. It is accompanied by strong national tenants including Liquorland, Subway and an F45 gym, along with medical and childcare centres and a serviced office.
The centre is located to capitalise on the continued growth of the Parramatta CBD, with ‘Sydney’s second CBD’ currently the subject of $20 billion of public and private infrastructure spending. It is directly opposite Prince Alfred Square, which will feature as a stop on the light rail network to open on Church Street in 2023, and near the new $300 million Bankwest Stadium, $1.2 billion Riverbank Precinct and proposed Parramatta Metro Station.
“Entrada Shopping Centre is a well-located retail complex that represents an outstanding opportunity to tap into the ongoing growth of Parramatta and Greater Western Sydney,” said Douglas. “Parramatta is a burgeoning residential and employment hub, and the population within Entrada Shopping Centre’s Main Trade Area itself is forecast to grow at 2.9% per annum, over double the Sydney metropolitan benchmark between now and 2036.
“The broader Greater Western Sydney is set to account for two-thirds of Sydney’s population growth over the same period, and the continued significant infrastructure investment in Parramatta will reinforce its standing as Sydney’s second CBD,” he concluded.