Frasers to finalise divestment from Central Park retail
Frasers Property is looking to finalise its divestment from the $2 billion Central Park project in Sydney after 12 years of development.
The project’s three remaining retail assets: Central Park Mall, DUO Retail and Park Lane Retail, are to be offered for sale in one line, and are expected to be worth over $170 million.
This transaction represents the final component of the partnership between Frasers and Osaka-based Sekisui House’s divestment strategy.
“These retail assets serve a large and growing catchment from a highly prominent and easily accessible location; surrounded by Australia’s leading universities and education precincts with over 115,000 students within walking distance of the centre,” Frasers Property Australia development director Mick Caddey said.
Central Park Mall is anchored by a Woolworths supermarket, as well as a Palace Cinema complex, offering 14,600sqm of lettable space across five levels.
According to Frasers, the transaction represents the first significant opportunity since 2013 to acquire a 100 per cent interest, with management, in a high calibre retail centre in Sydney’s CBD.
“The Central Park precinct continues to go from strength to strength and customers are voting with their feet and wallets with customer traffic and sales having grown 33 per cent and 56 per cent respectively since 2014,” said Colliers International’s head of retail investment services Lachlan MacGillivray, who was appointed to sell the assets.
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