Cook Property sells Parramatta shopping centre
Entrada Shopping Centre, a kilometre north of central Parramatta, has sold for $41.435 million.
The vendor, New Zealand’s Cook Property Group, paid a similar price ($41.32m) in July, 2017.
A domestic investment trust is the buyer.
The deal reflects a 5.97 per cent yield.
The asset has limited development potential, part forming the lower level of a mixed-use complex developed by Dyldam 10 years ago.
In December, Primewest paid $70m for a similar investment, in Melbourne’s Southbank for its Daily Needs Retail fund.
CBRE’s James Douglas represented the Cook entity, Prime Sydney Retail Holdings Pty Ltd.
Entrada Shopping Centre
Entrada Shopping Centre, at the north east corner of Victoria Road and Church Street, is contains 196 car parks and 5570 square metres of area; the Weighted Average Lease Expiry is 10.1 years (story continues below).
Sixty per cent of the floor area is tenanted to Coles which is committed until 2030 with two 10 year options.
Other occupiers include F45 Gym, Subway, a medical centre and serviced office provider.
“Since the onset of the global pandemic, we’ve seen a marked increase in the depth of capital searching for non-discretionary retail, given the highly resilient nature and strong performance of this specific retail sector,” Mr Douglas said.
“The centre is well positioned to benefit from continued growth within Greater Western Sydney, where the population is projected to increase from 2.3 million to over 3.3m between 2016-2036,” according to the executive.
“This accounts for two thirds of Sydney’s population growth within the same period, reinforcing Parramatta’s role as a burgeoning residential and employment hub”.
The Parramatta asset is opposite Prince Alfred Square, designed as a stop for a light rail network set to open in two years.
“It is also situated near the new $300m Bankwest Stadium, $1.2 billion Riverbank Precinct and Parramatta Metro Station,” the agent added.
