Two Sydney shopping centres have been bundled up and sold for $91.5 million, a price in step with valuations made in a pre-COVID market.
This is despite shopping mall vacancies hitting a 20-year high in May.
The Pemulwuy Marketplace and West Ryde Marketplace were taken to market by the Charter Hall Retail Partnership No.1 Trust.
“Both centres represented an opportunity to acquire key local land holdings within metropolitan Sydney, underpinned by a secure and resilient income stream which performed exceptionally well throughout the recent COVID-19 lockdown period,” says JLL’s Sam Hatcher
“Neighbourhood centres have been the most robust performers through this COVID-19 period, which has supported investor demand and liquidity in this part of the retail market.
“In fact, neighbourhood centres have accounted for, by far, the largest share of retail activity in 2020 to-date”.
It’s an interesting time for the sector, with Crown Group this week announcing their ambitious plan to develop retail spaces.
Meanwhile, in CBD malls nationwide, one in 10 stores sits empty.
