Joint venture partners Frasers Property Australia and Sekisui House Australia have sold three retail properties at their $2 billion Central Park development in Sydney for $174.5 million at a net yield of 5.5 per cent.
Fortius Funds Management and SC Capital Partners Group acting for its RECAP V Fund bought the three assets – Central Park Mall, DUO Retail and Park Lane Retail – totalling a gross floor area of 14,600 square metres.
Fortius and SC Capital Partners noted Central Park’s position in a high-trade CBD area.
“Strategically located in a trade area undergoing rapid gentrification and redevelopment, it supports a diverse and growing demographic with retail expenditure projected to increase by 4.2 per cent per annum,” Fortius’ chief executive Sam Sproats said.
Colliers International’s Lachlan MacGillivray brokered the deal – the assets were sold in one line.
The Woolworths-anchored Central Park Mall is the largest of the three assets. It opened in late 2013 and has a cinema and a dining precinct. Central Park is one of the biggest mixed-use urban renewal projects in Sydney, and rose from a former brewery site.