Family owned Green Valley shopping centre sold for $17 million

Family owned Green Valley shopping centre sold for $17 million

The Green Valley Shopping Centre has sold for $17.3 million after being owned by the same family for half a century.

Located on Green Valley Road, the 2,820sqm retail centre featuring 20 shops was sold to Sydney eastern suburbs family for a sharp yield of close to 6 per cent.

Peter Vines from CBRE who managed the competitive expressions of interest campaign says the property attracted a lot of attention.

"The sale of Green Valley Shopping Village highlights the continued level of demand in the wester corridor market for prime, income producing investment stock with development upside," says Vines.

Interestingly the centre is not anchored by any major supermarket or national brand, which Vines says is testament to the strength of the centre and its location.

The sale of Green Valley Shopping Centre follows similar transactions in the area recently including Canebrook Shopping Village for $48.1 million and Shopsmart Mount Druitt for $25 million.

CBRE's Nick Willis says that despite the doom and gloom commentary surrounding Australian retail the strong transactions of local shopping centres actually demonstrates the continued strength of the sector.

"Despite the continued negative commentary surrounding the retail sector, we are currently experiencing strong investor demand for opportunities that are underpinned by strong fundamentals as investors are seeing relative value compared to other sectors," says Willis.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Four ways businesses can use artificial intelligence to triumph in 2022
Partner Content
The last two years have delivered major disruption to the technology industry and broad...
PROS
Advertisement

Related Stories

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths takes on Wesfarmers in bid for Priceline with $872m offer

Woolworths Group (ASX: WOW) has today thrown its hat in the ring to...

Shopping Centres Australasia launches $750m metro convenience retail JV with GIC

Shopping Centres Australasia launches $750m metro convenience retail JV with GIC

After making its fortunes with suburban malls anchored by blue-chip...

Harrison.ai raises $129m, enters Sonic Healthcare JV for pathology AI solutions

Harrison.ai raises $129m, enters Sonic Healthcare JV for pathology AI solutions

Health care AI company Harrison.ai has undertaken one of Australia&...

Seven West buys stake in fintech Raiz for $10 million

Seven West buys stake in fintech Raiz for $10 million

Australian media giant Seven West Media (ASX: SWM) will take a stra...