Stonebridge Property Group is pleased to announce the sale of Cherrybrook Village on behalf of Mirvac for $132.8 million.
The asset was purchased by SLMC Property Australia Pty Ltd (a wholly owned subsidiary of Sim Lian – Metro Capital headquartered in Singapore), adding to their existing retail and commercial portfolio of over $1 billion across Australia which included the recent acquisition of the Sydney neighbourhood Ropes Crossing Village in January this year.
Cherrybrook Village is a dominant and established 9,382 sqm neighbourhood shopping centre located 30km north west of the Sydney CBD in the affluent Sydney metropolitan suburb of Cherrybrook. The convenience focused, single level centre is anchored by a strong performing Woolworths, 1 mini major and 51 specialty tenants. The property has a substantial site area of 29,540 sqm and provides 441 on-site car parks which are accessed via 2 separate vehicular entry points.
The asset was sold following a public expressions of interest campaign, with 45 groups entering the data room and multiple parties submitting unconditional sale contracts.
Carl Molony of Stonebridge said “The past 12 months has seen a number of large metropolitan neighbourhood centres transacted above the $100m plus price point. The very competitive bidding process leading to the exchange of contract for Cherrybrook Village is a strong testament to the resilience of the daily needs space especially for prime neighbourhoods in metropolitan locations despite the challenging market conditions exacerbated by the Covid-19 pandemic.”
For further details, please contact –
Carl Molony | +61 439 032 028 | firstname.lastname@example.org