Revelop snares west Sydney Woolworths, 7-Eleven
EXCLUSIVE
Revelop has bought a shopping centre nine kilometres west of its Parramatta headquarters following an off-market deal.
Prospect Central, over three titles in Prospect, was offered by a private investor which paid $39.7 million – a 4.16 per cent yield – in late 2021.
Across 1.5 hectares, it contains a freestanding full-line supermarket anchored to Woolworths which pays turnover rent, and 7-Eleven service station.
Other building are configured as a medical centre and with takeaway food tenancies.
All up there is c6000 square metres of lettable area.
JLL’s Nick Willis, Sebastian Fahey, David Mahood and Sam Hatcher were the agents.
Prospect is c30 km west of Sydney’s CBD.
Revelop buys Prospect Central
Covering 354-360 Flushcombe Road and 6 Myrtle St, Prospect Central also includes a BWS liquor store.
There are over 100 at-grade car parks too, more in a basement (continues below).
“The centre is strategically located amongst established and emerging residential communities, schools and key public transport connections,” Revelop co-founder, Anthony El-Hazouri, said.
“As the only supermarket within its primary trade area, [the property] occupies a unique and highly defensible market position, reinforcing its role as the area’s primary convenience shopping destination,” he added.
“Prospect Central is a rare acquisition – an irreplaceable supermarket position with no competing offer in its trade area. It’s exactly the kind of defensible, high-conviction asset we look to build long-term value from,” according to the executive.
Revelop owns several west Sydney assets as part of a national portfolio.
It is already managing the Prospect property including as leasing contact.
“The acquisition further strengthens Revelop’s growing portfolio of convenience retail assets across Western Sydney and complements our existing presence in the region, creating additional opportunities to deliver value for our retail partners, customers and the communities we serve,” co-founder, Charbel Hazzouri, said
“Prospect Central strengthens our growing Western Sydney portfolio…we’re focused on unlocking the full potential of these assets for our retailers and communities,” he added.
More to come.
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