Campsie Centre on the market for more than $100 million
Sydney’s regional shopping centre, the fully-leased Campsie Shopping Centre has hit the market with a price guide of more than $100 million.
The two-level 13,266-square-metre property with a car park management agreement with Secure Parking at 14-28 Amy Street is being offered for sale by its private Chinese owner, who bought it for $68 million four years ago.
The property, 13 kilometres from the Sydney CBD, is anchored by a Big W discount department store, Chinese supermarket Tong Li Supermarket and supported by 50 specialty tenants including Australia Post and a pad site with a car wash. A food-court completes the centre’s offering.
The attraction of the property is not just its net annual rental income of $5.3 million but its potential for future redevelopment, selling agent Knight Frank said. Dominic Ong and Richard Horne are handling inquiries.
The sale comes with a preliminary planning proposal for a mixed-use building which maintains two levels of commercial and strata spaces in the original building but adds on 14 apartments as well as four separate residential towers to yield 414 apartments in total. The land site is 8490 square metres in size.
The scheme also proposes expanding an adjoining library on the same title and owned by the local council to 4000 square metres.
A total 53,990 square metres of gross floor area can be achieved in the new development.
While the housing market is cooling in Sydney, good locations continue to attract demand, and Campsie fits into this category. The Campsie train station, about 350 metres away, is earmarked as a future Sydney Metro stop.
The poorer cousin of expensive suburbs Strathfield and Burwood, the suburb will soon hold its own as the local council recommends its urban renewal.
Other nearby regional centres have also traded recently. Super fund property investor ISPT took a half-stake in the Abacus-owned Ashfield Mall in Ashfield last month.
