The sale of Auburn Central center in New South Wales has been concluded.
Auburn is going through a process of urban densification, with a range of multi-storey residential development proposals and construction. This deal is the second large retail transaction in the area this year. The first was that of The Marketplace Auburn, for $120m, which was also negotiated by JLL.
According to Simon Rooney of JLL, 2014 was the strongest year on record for sub-regional center sales. He said New South Wales has been very active in the sub-regional market, with nine sales reaching a total of $70m during last year.
He added that the high levels of investment have continued into 2015.
Auburn Central is a thriving sub-regional shopping center, which is located on the corner of Queen Street and Harrow Road. It is conveniently placed opposite the Auburn railway station.
The center was constructed during 2004 as a mixed use development. It has 450 apartments placed above it. Woolworths Supermarket is one of the anchors and is located within a 3650m² store. The other anchor is a large 7159m² Big W Discount Department Store. Both leases are due to continue to June 2024. Along with the two anchors, there are 46 specialty stores in the center. The center enjoys a low vacancy rate and annual foot traffic currently at 10.8 million.
The CEO of ENN, Glen Willis, expressed his pleasure at securing the center.