Hurstville Central sold to US private equity firm

Hurstville Central Shopping Centre has sold for $119.5 million to a US private equity firm.

The sale, co-marketed by Stonebridge Property Group and McVay Real Estate, and highlights the continued demand across Sydney for metropolitan retail assets, particularly to offshore buyers.

“With regards to offshore buyers, the level of interest in retail assets in metropolitan Sydney and Melbourne remains very strong,” Stonebridge director Peter Gartland told Inside Retail.

The centre acts as an entry point to retail assets, including a two-level shopping centre with concourse retail at ground level, and service retail and parking above, and two major bus interchanges.

Anchored by a high turnover Coles supermarket, the destination holds four mini-majors, 27 specialties and eight kiosks.

“Sydney’s phenomenal economic and population growth is making retail investments in metropolitan areas increasingly sought after, particularly those located on or around key infrastructure within a short radius of the CBD,” McVay Real Estate’s Sam McVay said.

The sale reflects a passing yield of 6.07 per cent.

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