City investors trade regional NSW mall
The Parkes Arbour Shopping Centre – listed in February 60 per cent vacant – has sold for $8.9 million.
The 1.195 hectare asset at 299 Clarinda Street, also with a prominent frontage to the Newell Highway, was marketed as a repositioning opportunity.
Coles is the only major tenant – occupying about 2600 sqm with a Liquorland.
There are also two specialty stores and 298 car parks.
A 4019 sqm ex-Target outlet, meanwhile, was marketed for its potential to be re-let, or reconfigured as smaller tenancies – as part of a centre repositioning.
Parkes Arbour
Developed in 2004 and refurbished in 2017, Parkes Arbour returns annual net rent of $431,718.
The vendor, a Sydney based investor, offered the property with a permit for an additional 601 sqm of commercial area – potentially increasing the asset’s size to c7270 sqm.
JLL’s Sebastian Fahey, Dylan McEvoy, David Mahood and Nick Willis were the agents.
Ten offers came in, they said, with the property trading to a Brisbane based private investor (story continues below).
“Parkes is undergoing a significant economic and development shift,” Mr McEvoy said in February.
“The Australian government’s $14.4b Inland Rail Project is a vital piece of…infrastructure and will make Parkes then most centrally located rail distribution precinct in Australia,” he added.
“It will be servicing a wide geographical catchment with direct access to over 80pc of Australia’s population…overnight, according to the executive.
“The new National Logistics Hub and Parkes Special Activation Precinct will ultimately continue to drive private investment into the Parkes regional economy.
“This project has single handedly changed the direction of Parkes and its economy for generations to come”.
Parkes made headlines in July, 1969, when an observatory built there broadcast Apollo 11, the first Moon landing, to some 600 million people.
For three decades, it has also hosted the 4-day Elvis Festival – attracting 25,000 visitors.
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