Top Ryde Sydney shopping centre returns to market with $360 million-plus expectations
The Top Ryde shopping centre in north-western Sydney has been formally listed for sale with price expectations in excess of $360 million following an $800 million redevelopment.
The metropolitan regional shopping centre, ranked Australia’s 39th biggest shopping mall by floor space, is being marketed by Simon Rooney from Jones Lang LaSalle on behalf of receivers and managers Joseph Hayes and Jason Preston from McGrathNicol.
The centre was officially opened on August 20, 2010, and comprises approximately 78,000 square metres of lettable area.
The redevelopment has included the opening of a Fitness First Platinum gym in April.
The centre is anchored by a two level Myer department store, Big W, Woolworths, Franklins and ALDI supermarkets and eVent Cinemas.
It also includes a medical centre and an estimated 220 specialty tenancies.
The centre has been in the hands of external administrators since the company behind the redevelopment, Bevillesta, entered voluntary administration in February 2011 after being unable to repay debts.
Numerous potential buyers have run a ruler over the property since it fell into administration, with the retail centre almost sold in July 2010 to a GPT-managed fund.
Bevillesta appointed BRI Ferrier as administrator, with creditors to the company claiming they were owed about $900 million. It included a syndicate of five banks owed more than $600 million, according to Fairfax Media.
It was valued at $350 million in May and was due to be put up for sale shortly after valuation.
“The time is now ideal for a new specialist retail owner/manager to reposition and relaunch the centre, which presents significant value creation opportunities," says Rooney.
“All key stakeholders have approved this transaction process and are genuinely keen to see a successful and early sale outcome, following a successful asset transition programme implemented by centre management.”
“The opportunity to acquire a 100% interest in a virtually brand new, major regional shopping centre asset in metropolitan Sydney is a once in a cycle proposition.”
“Major regional retail holdings have and continue to be tightly held and the attractive investment fundamentals for a fully integrated town centre development such as Top Ryde City are nearlyimpossible to replicate this close to the Sydney CBD."