Greencliff's Stanley Quek acquires Castlecrag Shopping Village

Dr Stanley Quek, owner of diversified real estate group Greencliff, has bought the Quadrangle Shopping Village in Castlecrag, on Sydney’s lower north shore for $25 million.

The neighbourhood shopping centre is located on the corner of busy Eastern Valley Way and Edinburgh Road.

It has been acquired from the Mok family who had held the property for over 30 years in an off-market direct yield of just under 5 percent.

Current tenants of the shopping centre include IGA, Rodney Clark and Australia Post, as well as a number of convenience retailers and food and beverage operators.

The purchase represents Greencliff’s continued diversification in the property space following Dr Quek’s retirement as CEO and chairman of Frasers Property Australia.

Dr Quek said he wanted to bring "exciting concepts" to the neighbourhood village.