A private investor has beaten others to the punch after he snapped up the large format retail building along Mulgoa Road that currently houses Freedom Furniture and Guzman Y Gomez for a cool $14.35 million.
Located at 80-82 Mulgoa Road, Penrith, the building comprises approximately 2,750sqm of retail space with Freedom Furniture and Guzman Y Gomez on 10 year leases.
According to Director of NSW Retail Investment Services, James Wilson, the sale of the property demonstrates the intensity of the combative western Sydney retail real estate market.
“This sale reflects the highly competitive nature of Sydney metropolitan retail investments, particularly in the private investor sector, which is dominated at a sub $30 million price point,” he said.
“There is strong market depth for high profile investments featuring secure long term leases to national covenants.”
The site is enhanced by the neighbouring Masters Home Improvement store but with its future in serious doubt, the surrounding area may change significantly in coming months and years.
Mr Wilson said interest in retail investment in the west is set to continue.
“The high level of enquiry for western Sydney retail investments is a reflection of the evolving perception of growth for the region,” he said.