First onmarket 100% Sydney metropolitan regional shopping centre sale in more than a decade
Colliers and JLL announces the sale of Top Ryde City Shopping Centre, to MA Financial and Keppel REIT for $525 million.
This on‑market sale in Sydney’s metropolitan regional shopping centre is the first of its kind in more than a decade and underscores the scarcity of investible metropolitan retail of this scale, and marks MA Financial’s first acquisition since it acquired IP Generation earlier this year.
Since the asset was acquired in 2012, a targeted program of redevelopment and operational improvements have been implemented to shift the offer toward food, services, and entertainment. The outcome achieved for investors recognises that work, positions the centre well for the future and anchors the asset as a key piece of social infrastructure for the local community.
“Top Ryde City is one of the most significant retail transactions of the year and underscores strong investor demand for well‑positioned, defensive metropolitan shopping centres. Assets of this scale are effectively irreplaceable given density, land values and construction costs that constrain new supply. Core metropolitan assets of this calibre remain tightly held, and this is the first on‑market sale of a 100% interest in a Sydney metropolitan regional shopping centre in more than a decade, reflecting the appetite for long‑term exposure to defensive retail in the right locations. ”Lachlan MacGillivray, Managing Director, Asia Pacific | Retail Capital Markets, Colliers
“Opportunities to acquire 100% interest in a Regional Shopping Centre of this calibre in Australia are exceptionally rare. Over the past 15-years, only two (2) other 100% interest in Regional sized shopping centres have ever sold in NSW”. Major institutional capital is increasingly looking to re-weight back towards the retail sector in Australia, driven by the strong fundamentals and consistent performance of the sector globally. ” Sam Hatcher, Head of Retail Investments, Australia & New Zealand
“Competition for major regional shopping centres is intensifying as a growing weight of capital seeks to reweight back towards the sector. This shift in investor sentiment is being buoyed by the performance of the US retail market and is providing the catalyst for many investors to make their first foray into the sector, as evidenced by the sale of Top Ryde, with Keppel REIT making their first shopping centre acquisition globally.” Nick Willis, Executive Director, Retail Investments, Australia & New Zealand, JLL
Located on the corner of Devlin Street and Blaxland Road, 14 kilometres northwest of the Sydney CBD, Top Ryde City has been strategically repositioned over the past 12 years to deliver a defensive, convenienceled offer anchored by Coles, Woolworths, ALDI, Kmart, Big W and Event Cinemas alongside 23 minimajors and 152 specialty stores. The centre serves an affluent, family-based catchment of around 477,000 and recording a total centre MAT of $487 million. The centre’s scale, tenancy mix and recent capital works drove strong domestic and international demand and the sale transacted at a fully leased initial yield of 6.7%.
The successful sale of Top Ryde City demonstrates continued investor confidence in the Australian retail market and its long‑term fundamentals. With its unique convenience‑based tenancy mix, strong major tenant profile and extensive community usage, the centre has cemented its role as an essential piece of infrastructure in the heart of metropolitan Sydney.
According to Colliers’ Q3 snapshot, retail has been a standout asset class in 2025, supported by resilient household spending, constrained retail floorspace and population growth, with year‑to‑date transaction activity and average sale prices materially higher than prior periods – a trend we expect to continue.
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