The final three retail assets in Sydney’s Central Park development have hit the market “in one line” with expectations to secure more than $170 million.
The listing is the final component of joint venture partners Frasers Property Australia and Sekisui House plans to divest the remaining three retail assets, comprising Central Park Mall, DUO Retail and Park Lane Retail.
Central Park Mall, which opened in late 2013, sits within the $2 billion mixed-use Central Park development of the former brewery site in Chippendale.
The mixed-use precinct also comprises retail, commercial, hotel, education, student accommodation and residential.
The mall, which spans 14,600sq m of gross lettable area across five levels, is anchored by a Woolworths supermarket and Palace Cinema complex, and includes open green space.
“The precinct has won multiple awards in design and liveability and we are searching for the right buyer to keep the retail offer evolving,” Frasers development director Mick Caddey said.
Colliers head of retail investment Lachlan MacGillivray is managing the assets via an international expressions of interest campaign starting early May.
MacGillivray said customer traffic and sales have increased 33 per cent and 56 per cent since 2014.
“This transaction represents the first significant opportunity since 2013 to acquire a 100 per cent interest, with management, in a high calibre retail centre in Sydney’s CBD,” he said.
Last year, the Soul Pattinson Building in Sydney CBD, 165 Pitt Street, sold for $95 million on a yield of 4 per cent.