Stonebridge Property Group, in conjunction with McVay Real Estate, is pleased to announce the sale of St Marys Village for $68 million.
St Marys Village is a rare Sydney metropolitan sub-regional shopping centre on an expansive 4.2ha* site located 44kms* west of the Sydney CBD and 8kms* east of Penrith City Centre.
The sale campaign for the Sydney sub-regional centre generated 21 Expressions of Interest and reflects an $18 million premium to the Vendor’s book value of $50 million.
“This campaign was a solid test for market sentiment due to the very limited supply of Sydney sub-regional centres in recent times. The upcoming expiry of Target in 2021 and short centre WALE of 3.1 years simply did not faze the market, with all 21 offers received in excess of book value. The weight of capital and strength of pricing is a very promising sign for the retail investment market in 2020.”
St Marys Village is positioned within the Western Economic Growth Corridor and will benefit from increased infrastructure spending around the Western Sydney Airport (located17kms* south west of the Property). The centre is located on a high profile corner site and forms a key component of the St Marys Town Centre.
The well-established sub-regional shopping centre is anchored by Woolworths and Target (expires 2021), and complemented by 37 specialties, 4 kiosks and 3 ATMs across 15,904sqm* of GLA. The centre provides 551 parking spaces and is easily accessible via four vehicular access points.
For further information, please contact Stonebridge on +61 2 9254 9900.