Western Sydney University has sold a new Caddens shopping centre and neighbouring tract to Holdmark Property Group for a speculated price of more than $80 million.
The 8.2 hectare rectangle shaped amalgamation at the north east corner of O’Connell Street and O’Connell Lane, is in a commercial and residential growth precinct about five kilometres from Penrith.
It is opposite the vendor’s Kingswood campus and a TAFE NSW college – two schools expected to feed c17,000 customers to the retail investment.
The 3.3ha development site could make way for a medium or high density housing project or more commercial space.
JLL’s Nick Willis and Sam Hatcher represented WSU which will fund schooling initiatives from its windfall.
We can offer local students experience: Holdmark
Holdmark chief executive officer Sarkis Nassif said its new investment is in the heart of Penrith’s Health and Wellbeing precinct which is a major local employer.
“The Holdmark philosophy is to create value with key community assets in well located suburbs,” according to the businessman.
In this instance, he added the company will take a more involved role as neighbour – specifically, working with WSU to create and maintain practical programs in which it could provide students with experience – identifying construction skills as an example.
“Holdmark is proud to support WSU’s strategic vision around securing success,” Mr Nassif said.
“This is just one way of giving back”.
WSU vice president Peter Pickering added Caddens Corner is in a prime position to support the area’s growing population (story continues below).
“By being a catalyst for development while simultaneously building a sustainable future for the university, we are enhancing our profile as a world-class institution and better serving our students, staff, communities and region,” the executive said.
WSU opened Caddens Corner last month.
The mixed-use but predominantly retail complex includes rainwater harvesting to landscaping, solar powered lighting to part of the 500-bay car park and a small park with a water feature and performing stage.
It contains 9544 square metres of lettable retail area anchored by a Woolworths/BWS.
About 5900 sqm is fit out for specialty stores including within a food and dining precinct.
There’s also a childcare centre, gym and medical complex.
The Weighted Average Lease Expiry (by area) is 10.6 years.
As well as the income, Holdmark will be able to claim depreciation benefits for the medium-term.
Caddens is c45 kms west of Sydney.
It is c15 kms north of Western Sydney Airport, which is under construction.