A neighbourhood shopping centre servicing one of Sydney’s most established and fastest growing regions has come to market.
Kingswood Park Village situated in Penrith is anchored by an IGA Supermarket and 43 place Childcare. The centre is supported by a liquor store and eight specialty tenants, featuring a convenient at-grade carpark with 65 spaces on title, further reinforced by an adjoining 22 space council car park.
With low site coverage of 40%, the 6,507 square metre site benefits from strategic E1 Local Centre zoning, allowing for significant repositioning and development potential. Kingswood Park Village features a WALE of 7.5 years by income.
The Colliers team of James Wilson, Ben Wilkinson and Frank Oliveri have the exclusive listing on behalf of the vendor, Mintus, with price expectations of circa $15 million.
“Neighbourhood shopping centres with strong exposure to non-discretionary retail continue to see strong demand from investors, particular when situated in high density growth corridors such as Penrith, which has a population density over five times greater than the Western Sydney average,” Wilson said.
The current economic environment has strengthened investor appetite for non-discretionary based retail centres, further driven by limited supply, with Kingswood Park Village being only the third NSW neighbourhood shopping centre to be marketed year to date.
“With strong income growth generated by gross specialty leases providing fixed rental reviews of 3-4% per annum and 79% of GLA secured by non-discretionary retail, Kingswood Park Village presents an incredible opportunity for investors to secure a highly defensive convenience based retail centre only 54 kilometres from Sydney CBD,” Wilkinson added.
“$3.6 billion in Government funded investment into road infrastructure for Western Sydney, alongside the slated opening of Western Sydney International Airport in 2026, is set to see Western Sydney’s population reach three million people by 2036, making it one of the largest growing urban populations in Australia,” Oliveri commented.
Kingswood Park Village is being marketed via an Expressions of Interest campaign, closing 2pm AEDT on Wednesday 29th November 2023.