Family favourite Penrith site changes hands

14 October 2022

CBG Group has sold the home of some of Penrith’s favourite family destinations to a high-net-worth local family.

The well-known complex at 62-72 Batt St, Jamisontown, was developed by CBG Group in 2014, with its sale price reflecting a yield of 4.6%.

It is one of the largest freehold sites with B5 Business Development zoning in Jamisontown, occupying 15,527sqm, and has a net lettable area of 8,216sqm across four modern buildings.

With a mix of family entertainment venues and restaurants, the site’s current occupants include Zone Bowling, Flip Out Penrith, Yo Loco, Frango Charcoal Chicken and Al Aseel.

CBRE’s John Micallef and Alex Mirzaian brokered the sale on behalf of CBG Group.

“The property is one of Penrith’s most well-known destinations, and given its tenancy mix you’d be hard-pressed to find a local family who’s never visited,” Mr Micallef said.

In the heart of Penrith’s business district, Batt Street offers easy access to Mulgoa Road and the M4 Motorway.

“This sale highlights the strong appetite for unique assets in high-growth areas, we expect to see more hospitality and entertainment assets emerge to market,” Mr Mirzaian added.

“Penrith as a region will see benefit from great population growth and amenity accompanied by the Airport opening in 2026.”