Greenland banks $30m from strata Sydney mall
Greenland has sold its strata-titled Lachlan’s Square Village at Macquarie Park.
The $30 million deal with Parramatta based Revelop reflects a four per cent initial net passing yield or 5.87pc if fully let.
Over two floors, the 5080 square metre complex contains the trade area’s only full line supermarket, leased to Coles until 2035.
At 17 Halifax Street, there’s also a Fitness First, four specialty stores and 213 car parks.
The asset forms a component of Greenland’s $800m nbn at Lachlan’s Line, which is replacing a 1.53 hectare piece of Macquarie Park also with 900 apartments and a 1500 sqm town centre.
The project is part of a nine hectare state government led urban renewal zone also affecting North Ryde blocks.
Last August, we reported Landmark Group outlaid $135m for another 1.85ha slice, with plans for another 900 flats.
Colliers’ Alex James-Elliott and James Wilson marketed Lachlan’s Square Village (story continues below).
Revelop invests again
The Lachlan’s Square Village deal comes four months since Revelop paid Mirvac $52m for the Tramsheds retail investment at Forest Lodge, four kilometres south west of Sydney.
Last year, the group also purchased shopping centres in Victoria’s La Trobe Valley and Adelaide.
“Revelop has a very optimistic outlook on neighbourhood shopping centres that are well-located, convenient and offer a truly ‘one-stop-shop’ customer experience,” Revelop director Charbel Hazzouri said following the Macquarie Park acquisition.
“As with all of our property transactions, Lachlan’s Square Village was a strategic acquisition that allowed Revelop to build upon an established local centre that has offered vast upside opportunities without detracting from the convenience that makes Lachlan Square Village a favourite with the locals,” he added.
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