Stonebridge Property Group have been exclusively appointed to sell the landmark ‘Auburn Redyard Entertainment Centre’, 98 & 100 Parramatta Road, Auburn, an expansive 4.82-hectare development site with secure holding income. With its highly flexible zoning and prime position on one of Sydney’s busiest arterial throughfares, the development site is likely to generate diverse buyer interest. The asset will be sold via an expressions of interest campaign closing Wednesday 24 March 2021.
Auburn Redyard comprises three components. The 100 Parramatta Road site comprises a 12,197 sqm open air entertainment and retail centre anchored by premium covenant, Reading Cinemas, and 15 tenants together with a 1.35 ha vacant land parcel. The landholding at 98 Parramatta Road includes a 1,564 sqm telephone exchange facility, leased to Telstra until 2022 with a 1-year option. The combined offering boasts a dominant frontage of over 450 metres to Parramatta Road’s renowned business and retail district.
The site presents a medium-to-long-term development opportunity with outstanding upside potential, underwritten by the strong development and infrastructure activity in the locality and its commanding position in a key employment growth precinct. The secure holding income from existing improvements, allows an incoming purchaser time to masterplan the site, while maintaining strong income growth and tenant security.
With approximately only 29% building coverage and huge car parking infrastructure already in place below ground, the site is significantly underdeveloped given its high FSR and height potential.
According to Stonebridge Partner, Phil Gartland, “optimally positioned development sites with quality building infrastructure in place and easy to manage holding income, such Auburn Redyard, are extremely rare in metropolitan Sydney”.
“We are excited to see who the eventual purchaser of the site will be, it could range from long term land bankers, to developers and owner occupiers across all major commercial sectors.”
According to Stonebridge Partner, Lincoln Blackledge, who is co-marketing the property with his colleague Phil Gartland, “the location of the site is opportune for development, being at the epicentre of metropolitan Sydney plus proximity to Sydney’s second CBD Parramatta and Sydney Olympic Park”.
“With the opening of the WestConnex Tunnels in July 2019, less than 400 metres from Auburn Redyard, one of Sydney most accessible sites is now even more accessible for the wider Sydney population. This is truly one of the most exciting landbanks to be brought to the market in recent memory”.
Reading Entertainment Australia Pty Ltd is divesting the site as its highest and best use is a development play and limited stock of highly strategic real estate of this nature deems it a prudent time to sell. The Vendor will undertake a cinema leaseback with lease terms to be negotiated with an incoming purchaser.
For further information please contact –
Philip Gartland | +61 403 582 324 | pgartland@stonebridge.com.au
Lincoln Blackledge | +61 408 780 772 | lblackledge@stonebridge.com.au
