Frasers Property Australia and Sekisui House Australia, the joint venture partners behind the A$2 billion Central Park in Sydney CBD, have sold and settled the three final retail assets in the mixed-use community to a consortium comprising Fortius Funds Management and SC Capital Partners Group on behalf of its RECAP V Fund, for A$174.5 million.
Located in the heart of one of Sydney’s most vibrant and dynamic precincts, Central Park Retail comprises three freehold retail assets – Central Park Mall, DUO Retail and Park Lane Retail – with a total combined GLA of 14,600 sqm.
Central Park Mall opened in late 2013. It is anchored by a high performing Woolworths supermarket and state-of-the-art Palace Cinema complex and also includes open green space with part of Chippendale Green ideal for activations and events.
The sale is a prime example of the joint venture’s strategy to realise core assets developed in the award-winning Central Park community, said Mick Caddey, Development Director, Frasers Property Australia.
“This is a great outcome for Frasers Property, Sekisui House and the Central Park development. Central Park is a true destination for people with a diverse mix of interesting shops, convenience options and experiential retailers, in a comfortable green setting beneath one of the world’s most iconic buildings,” Mr Caddey said.
Sam Sproats, Chief Executive Officer & Executive Director, Fortius Funds Management said the acquisition of Central Park Retail demonstrates that value enhancement opportunities can be acquired in even the most premium located urban retail assets.
“Central Park Retail is at the centrepiece of one of Sydney’s most iconic mixed-use urban regeneration projects of recent times. 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,” he added.