A busy shopping centre in Sydney’s Inner West has changed hands in a deal believed to be worth $41.435 million.
The Entrada Shopping Centre in Parramatta has been snapped up by a private Australian investment trust after New Zealand-based Cook Property Group put the retail hub up for sale late last year.
CBRE’s James Douglas negotiated the hefty sale of the shopping centre that had been subject to intense interest during its successful sale campaign.
“Since the onset of the global pandemic, we’ve seen a marked increase in the depth of capital searching for non-discretionary retail, given the highly resilient nature and strong performance of this specific retail sector,” James says.
The retail hub is located one kilometre north of the flourishing Parramatta CBD and James adds that well-located retail properties have made up the majority of the deals for the sector.
“While total retail transaction volumes have fallen considerably from 2019 levels, neighbourhood centres have taken a significantly increased share of all Australian retail deals – reflecting 62% of all retail transactions in 2020, up from 17% in 2019 – as purchasers seek out assets providing income certainty and security,” he says.
The 22,486 sqm Entrada precinct is home to strong performing tenants including Coles, Liquorland and F45 and is primed to capitalise on the area’s economic boom.
“The centre is well positioned to benefit from continued growth within Greater Western Sydney, where the population is projected to increase from 2.3 million to over 3.3 million people between 2016 and 2036,” James adds.
“This accounts for two-thirds of Sydney’s population growth within the same period, reinforcing Parramatta’s role as a burgeoning residential and employment hub,” he says.
Positioned opposite Prince Alfred Square, the centre is also set to take advantage of the new light rail stop on Church Street which is scheduled to open in 2023.