Revelop spends again in west Sydney
Revelop has acquired another small west Sydney shopping centre.
Smithfield Square, 25 kilometres from the CBD, is setting the group back $9 million.
With a low Weighted Average Lease Expiry – less than a year – a major refurbishment and repositioning is planned.
It was represented by Costi Cohen’s Tas Costi and Zackery Harkins.
IB Property’s Dimitros Franze acted for the seller.
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On about 5000 square metres, one holding west from the intersection of The Horsley Drive and Smithfield Road, the mall occupies the biggest land holding in Smithfield’s town centre.
Coles is the anchor; there are also 15 specialty stores and 100 undercover car parks.
The parcel abuts a council car park too.
Smithfield is about 10 kms from Parramatta, to which it has key transport connections.
Revelop managing director Charbel Hazzouri said the company plans to transform the asset into a service, entertainment and essential retail hub.
It will start with a 100 place childcare centre, swim school, gym, medical centre, kids entertainment venue and new food and specialty retail.
“The centre is the only supermarket [based] shopping centre in Smithfield located with direct access to the west side of the Cumberland Highway, south of the Great Western Highway,” Mr Franze said (story continues below).
Revelop bulking up
Parramatta based Revelop has been boosting its interstate portfolio recently, including in Victoria’s La Trobe Valley, last year, with West Place at Churchill, anchored to Woolworths and with 13 specialties, and in South Australia.
Elsewhere in Sydney, the group in June spent $30m for Lachlan’s Square Village, a two stroey strata titled retail component of a mixed-use village, at Macquarie Park.
That deal, with Greenland, was struck on a 5.87 per cent market yield.
Coles is again the anchor.
Eight months ago, Revelop paid Mirvac $52m – reflecting a 4.9pc return – for the historic Tramsheds complex at Forest Lodge, four kilometres south west of the CBD.
Anchored to Supamart and with 18 specialty stores, the 5973 sqm investment covers a 2.3ha block with 144 car parks.
Early last year, the company also acquired the Forestway Shopping Centre at Frenchs Forest, 13 km north of the CBD, from Invesco for c$100m – a 5.75pc yield.
In the north west, at North Turramurra, in June, 2020, the group also purchased a vet clinic investment with a low WALE on a 1543 sqm corner block – outlaying $6.5m.
Three months into the national lockdown, that deal was struck on another high yield – 6.5pc.
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