Shopping centre hits the market with $45 million price tag

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Cranebrook Village. Photo: Melinda Jane

Cranebrook Village Shopping Centre is on the market with a sale price of more than $45 million anticipated.

Savills Australia’s Steven Lerche and Andrew Palmer have been appointed to broker the property along with CBRE’s Nick Willis and Justin Dowers.

“We haven’t seen a brand new, high-quality neighbourhood shopping centre formally offered to the market in Sydney for a long time and we can only compare it to the likes of Coburg North Village in Melbourne, which sold for $38 million at a record yield of 4.98 per cent,” Mr Lerche said.

The property is expected to attract enquiries from a wide buyer pool, including local, interstate and offshore investors.

Mr Lerche said the shopping centre’s location was a key selling point due to the growing population of Penrith.

“Located on a prominent corner site, the centre is in the heart of the Cranebrook residential estate, opposite the high school, child care and community centre, and close to major arterial roads and public transport facilities,” he said.

The centre is home to both Woolworths and Aldi supermarkets as well as 13 specialty retailers including Terry White Chemist and First Care Medical Centre.

Expressions of interest close on Wednesday, September 26 at 3pm.

Nicola Barton is the Weekender’s general news journalist, incorporating political affairs and crime.

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