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Blue-chip retail asset to generate investor contest in Windsor

People & Companies / Latest News

Australia

Aug 30 2018

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Windsor Marketplace, a Centuria-owned neighborhood shopping centre anchored by Woolworths Supermarket and MyHealth Medical Centre in Sydney’s north west, has hit the market, presenting buyers with an opportunity to secure a blue-chip retail investment. 

The Kable Street centre, which underwent a full redevelopment in 2011, generates an estimated fully leased income of $1.5 million per annum, and has a Weighted Average Lease Expiry (WALE) of 11.4 years. 

Savills Australia’s Steven Lerche and Andrew Palmer, in conjunction with Stonebridge Property Group’s Jonathan Fox and Philip Gartland, have been appointed to sell Windsor Marketplace, which includes the freestanding and separately titled MyHealth Medical Centre, with expected offers of circa $25million.

“Given the lack of quality neighbourhood shopping centres that are formally offered to the market within the Sydney metropolitan area, we are anticipating the expressions of interest campaign will draw significant interest from local, interstate and offshore investors,” Mr Palmer said.  

“The shopping centre provides excellent income security, with 79 per cent of gross lettable area leased to anchor tenants Woolworths and BWS until 2033.

“Offering exceptional income security underpinned by the long leases to Woolworths Supermarket and
Myhealth Medical Centre, and producing a weighted average lease expiry by area in excess of 11 years, this is an opportunity for savvy investors to secure a quality neighbourhood centre within the Sydney metropolitan area.” 

Woolworths is complemented by nine specialty shops, including two kiosks and one ATM.  

“Multiple value-add opportunities exist, with the ability to on-sell the separately titled MyHealth Medical Centre property, which has recently signed a new 10-year lease, plus the potential to subdivide and on-sell or rent out the freestanding residential cottage fronting Baker Street,” Mr Fox said.

Located in the thriving Hawkesbury region, the site is approximately 55 kilometres from the Sydney CBD, with Mr Fox saying Windsor Marketplace was ideally positioned to benefit from the booming North West Sydney growth corridor. 

“The urban area of Windsor has a significant trade area population, currently estimated at 35,920 people and expected to increase to 38,770 by 2031,” he said. 

Expressions of interest close Wednesday, September 19 at 4pm.

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