Hoping to defy the gloom in retail property market, Frasers and Sekisui are selling their $2 billion mixed-use Central Park development in Sydney. The offer in the inner-city complex expects to draw new breed of buyers who are after leisure-based assets.
Major landlords such as Mirvac, Lendlease and Scentre are switching focus to lifestyle centres. While some centres are falling in values, the best city retail assets are still rising in value on the back of their performance.
With the 12-year project in Sydney’s downtown CBD near complete, the joint venture partners want to sell the remaining three retail assets - Central Park Mall, DUO Retail and Park Lane Retail - in one line. Central Park is best known for its vertical gardens and heliostat. It also sports office, hotels and student accommodation that have already been sold.
“The precinct has won multiple awards in design and liveability and we are searching for the right buyer to keep the retail offer evolving,” Frasers development director Mick Caddey says. “These retail assets serve a large and growing catchment from a highly prominent and easily accessible location.”
Image and article source: https://www.realcommercial.com.au/news/sydneys-central-park-offers-retail-section-for-170m
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