Revelop secures another strata titled shopping centre
Revelop has swooped on a near new strata titled shopping centre after a significantly more valuable deal to Centuria managed Primewest fell through.
The East Quarter Village at Hurstville is costing about $30 million – a six per cent fully let market yield, according to sources.
Melbourne based Fridcorp is the seller; the asset covers the ground level of a $700m residential based mixed-use village, Beyond Hurstville, with some 556 apartments in three towers, and another 1500 approved as part of the East Quarter masterplan.
The deal comes nearly three years since Primewest entered negotiations to buy the then-unbuilt complex for $41.5m – a 4.77pc yield.
Hurstville is about 17 kilometres south west of Sydney’s CBD.
East Quarter Village
With just over 5100 square metres, Woolworths, with a BWS, is East Quarter Village’s only occupier, on a 13 year lease (story continues below).
At 89 Durham Street, the asset also contains 20 specialty stores which Revelop, via its inhouse leasing agent, Lisa Hay, will soon launch a campaign to fill.
The property also includes 66 at-grade car parks and 200 in a basement.
“In recent years, population growth in Hurstville has outperformed metropolitan Sydney with forecasts predicting consistent year on year growth well into the future” Revelop co-founder and managing director, Charbel Hazzouri, said.
Earlier this week, we reported the Parramatta based investor and developer outlaid $39.75m for the Kirrawee Shopping Centre – about 10 kilometres south west of Hurstville.
Also surrounded by significant new high density residential, that mall contains 4500 sqm, again anchored to Woolworths, and 260 car parks, some with electric vehicle charging stations.
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