Cranebrook Village Shopping Centre up for sale

A PRIME piece of property in the Penrith region is for sale — and investors are jumping at the chance to snap it up.

The recently redeveloped Cranebrook Village Shopping Centre has hit the market with price expectations of $45 million.

Savills Australia’s national director of retail investments Steven Lerche told thePress the 6633 sqm site in Borrowdale Way was attracting local, out-of-area and offshore investors.

“It is offering a security of income and that is the most important thing for buyers,” Mr Lerche said.

He said the shopping centre, which opened in December 2016, had a yield of about 5.5 per cent.

Interested parties had also been drawn to it being new with limited maintenance required, he said.

Designed by architecture firm i2C and built by Mainbrace Constructions, the sprawling complex cost about $14.3 million to build, according to records.

It is owned by a private developer and has two supermarkets — Woolworths and Aldi — as well as 13 specialty shops.

These include a Terry White Chemmart, Australia Post, Noodle Paradise, a barber, hairdresser, cafe and a bakery. The stores have an average lease term of 14 years.

“If you have two major anchor tenants such as Coles or Woolworths that is always a bonus but to have one of those plus an Aldi is great because they complement each other,” he said.

“Many people shop at Aldi and top up their other grocery and fresh food items at the Woolworths … a lot of Jordan Springs residents now go over there to shop which is interesting because they have a Woolworths.”

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The property is in a sought-after spot, close to the suburb’s community centre, Cranebrook High School, Samuel Terry Public School and a skate park.

The commercial site is being sold in conjunction with CBRE.