Three months after winning permission to construct six storey apartment buildings at shopping centre Ropes Crossing Village – Ganellen has sold the asset.
The vendor is banking $42 million.
Singapore listed Metro Holdings Limited confirmed itself as the buyer last week.
The sale price reflects a 5.5 per cent yield.
Stonebridge Property Group’s Carl Molony, Phillip Gartland and Jonathan Fox were the agents.
Ropes Crossing is about 50 kilometres west of Sydney.
Ropes Crossing Village now and later
Ropes Crossing Village at 8 Central Place contains 5805 square metres of lettable area with eight specialty stores.
Coles is the only anchor.
Its Weighted Average Lease Expiry is 11.7 years (story continues below).
On 1.23 hectares, there is 208 car parks.
Ganellen applied for the $70m redevelopment in April 2019; the NSW Department of Planning, Industry and Environment approved it last September.
Its permit allows for three residential buildings containing 128 apartments, configured with one and two bedrooms, and green spaces around it, on the podium and rooftop.
Offices would be constructed too – over an existing childcare centre.
The mall would also be renovated and expanded with the Coles becoming full-line.
Car park capacity will also be increased c25-30 per cent.
Ganellen paid $11.5m for the shopping centre at 8 Central Place in early 2014 – not long after Lendlease started creating the suburb on 900ha once considered part of St Mary’s.
The precinct abuts Wianamatta Regional Park.