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

How to conduct an effective board assessment: a step-by-step guide
Partner Content
Your directors should conduct a board assessment annually. Let's examine what a boa...
OnBoard
Advertisement

Related Stories

Lendlease teams with QuadReal for its first Australian build-to-rent project in Brisbane

Lendlease teams with QuadReal for its first Australian build-to-rent project in Brisbane

Property giant Lendlease (ASX: LLC) has joined forces with Canadian...

Mad Paws co-founder dishes out growth strategies for early stage businesses

Mad Paws co-founder dishes out growth strategies for early stage businesses

With more than 328,000 customers and two million pet care serv...

FoodByUs orders up $12m Series B led by Base Capital

FoodByUs orders up $12m Series B led by Base Capital

Sydney-based wholesale hospitality marketplace FoodByUs has to...

Mighty Craft profitable as quarterly revenue nearly doubles

Mighty Craft profitable as quarterly revenue nearly doubles

A listed craft beverage business that owns 10 per cent of in-admini...