Brand new 100% occupied Sydney metropolitan shopping centre comes to market

Schofields Village has been listed for sale, presenting the opportunity to acquire a metropolitan neighbourhood shopping centre that dominates its catchment.

JLL’s Nick Willis, Sam Hatcher, Sebastian Fahey have been exclusively appointed to sell Schofields Village at 227 Railway Terrace, Schofields on behalf of Coles Group Property Developments via an Expressions-Of-Interest campaign.

Schofields Village is anchored by a strong performing Coles supermarket and supported by a diverse mix of 16 convenience retailers which include a medical centre, pharmacy, childcare centre and numerous national food and beverage operators.

The asset is 100% occupied and provides an attractive weighted average lease expiry (WALE) of more than eight years. Major tenant Coles has recently signed a brand new, market leading 10-year, net lease until 2033, with options until 2083.

The centre incorporates leading shopping centre technology measures such as controlled parking indicators, solar panels, electric vehicle charging stations and the new Coles Online Click & Collect drive through.

Mr Willis said, “It is unique to offer for sale a brand-new shopping centre, especially in the heart of metropolitan Sydney. Schofields Village has been developed without compromise and will set the benchmark nationally for convenience-based retailing. The outstanding performance of the centre has and will continue to reap the benefits of the surrounding uber population growth, and in turn provide significant income growth.”

The centre is set on a 16,800 sqm land holding with favourable development controls allowing for approximately an additional 42,000 sqm of Gross Floor Area in the future (STCA).

Mr Willis said, “Further to the security, performance and depreciation benefits of the asset, the offering provides significant growth opportunities, given its position in the booming Western Sydney growth corridor. The centre is set to capitalise on more than 6,500 units planned for development with a 1.8km radius of the centre’s total trade area.”

Completed in December 2021, Schofields Village is a state-of-the-art-development and has won a number of accolades, including the renowned Master Builders NSW Excellence in Construction award.

Mr Hatcher said, “We have seen a real shift in investor demand towards these convenience-based assets given their resilience over the past few months. Difficulty in this sub-sector is the availability of quality assets, with current volumes down approximately 54% from the record-breaking sales volumes in 2021. This offering to the market is an opportunity for investors to acquire a trophy generational asset.”

The property is in close proximity to the Schofields Train station and is well connected to amenity in the broader Western Sydney precinct.

Expressions of Interest for Schofields Village close on Wednesday, 15 March 2023.