Green Valley Shopping Village sells at a more generous yield
The sale of the family-owned Green Valley Shopping Village in Sydney’s west for $17.3 million reflects the weakening retail property market, with the deal closing at a better yield than a proposed sale five years ago.
The Celea family has sold its neighbourhood shopping centre at 170, 172 & 178 Green Valley Road after first taking it to market in 2013.
The family has owned the 20-shop 2820 square metre property for over 50 years. It sits on a 4774 square metre site about 40 kilometres west of the Sydney CBD and six kilometres west of Liverpool, the “third” Sydney CBD.
A Sydney eastern suburbs private family investor purchased the property.
“The sale of Green Valley Shopping Village highlights the continued level of demand in the market for prime, income-producing investment stock with development upside,” CBRE’s Peter Vines, who sold the property with Nick Willis, said.
The property was first listed on the market in late 2013, but was not sold and was withdrawn after a two-year campaign.
It is understood the property sold last month at a net yield of just over 6 per cent, a more generous yield than five years ago. The change reflects the bargaining power of retail investors on the back of weak retail business being challenged by e-commerce and online shopping, agents in the area say.
Good neighbourhood centres are still trading, however, as seen in the sales of similar properties in the area, the Cranebrook Shopping Village and the Shopsmart Mount Druitt.
