Newtown Central, King Street retail centre up for grabs

Sydney’s Newtown Central, a retail centre in the inner west suburbs, is up for sale.

It is a three level centre that underwent a full refurbishment in 2009 and includes leases with Foodworks, Fitness First and Cellarbrations on the highly trafficked King Street. These three tenants secure approximately 70% of the income.

It has housed a hair dresser and an Optus shop.

Close to Newtown train station, the current owners Monash Private Capital Pty Ltd and Diamong Properties note that convenience retail is a highly desirable asset class.

“Since acquiring this asset we have applied an active management plan in which we have undertaken several lease renewals and identified areas where we have successfully added value to the property,” said Monash Private Capital’s Joey Fridman.

The selling agents behind the property, Colliers International’s James Wilson and Savills’ Steve Lerche, have the opportunity offered to market via expressions of interests closing on 30 September.

“The shopping centre investment market has been driven by the combination of a large capital injection, historically low interest rates and a lack of quality opportunities comparable to Newtown Central,” said Wilson.

“The prime location of the supermarket anchored neighbourhood shopping ensures a captive market with exceptionally difficult barriers of entry for competition,” said Lerche. 

They expect strong interest in the property, which comes with basement car parking for 33 vehicles and 18 strata spaces opposite. It is on 1,574 square metres of land and covers 3,385 square metres of floor area.