A major Sydney shopping centre is now on the market, after almost 30 years in one owner’s hands.
Eastgate Bondi Junction is located in the heart of Bondi Junction in Sydney’s eastern suburbs and first opened in 1983.
It has been owned by ISPT Super Property since 1995 and currently hosts major retailers such as Coles, ALDI, Kmart and Dan Murphy’s.
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JLL’s Nick Willis and Sam Hatcher, alongside Stonebridge’s Carl Molony, Philip Gartland and Justin Dowers will be handling the sale of the building.
“Sydney’s eastern suburbs is one of the most coveted investment destinations globally,” Willis said.
“Assets of institutional quality like Eastgate are rarely if ever, traded.
“The term gets thrown around a lot in our industry, however, this is a once-in-a-lifetime opportunity to acquire and control one of the best-performing and premier convenience centres in Australia.”
Hatcher said the current tenants and recent upgrades add value to the property.
“The centre supports strong trading fundamentals with the specialty tenants producing over $14,800/sq m in sales, some 76 per cent above the industry benchmark,” he said.
“Recent upgrades, including a full facade refurbishment and internal enhancements, have further heightened the centre’s position in the market.”
Molony said they were expecting a strong interest in the property.
“We are expecting strong engagement from not only offshore investors but also local investors who see this as an opportunity to acquire a generational investment for legacy buyers and family offices,” he said.
“Given the limited number of tenants and the asset’s outstanding performance, it can be easily managed by sector-agnostic buyers who are not traditional shopping centre owners.
“The centre provides additional value-add potential through further tenancy enhancements and long-term conversion opportunities.“
Expressions of interest for Eastgate Bondi Junction are currently being gathered, and are due by November 16.
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