Wentworthville Mall in Sydney's west has been sold to Poly Australia as the Austino Property Group have struggled to kick off the re-development of the Centre.
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The neighbourhood shopping centre currently contains approx 7,450sqm of retail space with a Super IGA and 31 specialties.
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Most of the Centre is either vacant or trading with short term leases in place.
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Austino Property Group, who acquired the asset in 2011 for $18.3M, struck problems with their vendor, Metroland group following a shortfall in income on the acquisition. Shortly after the sale, Metroland went into receivership and Austino sought to ensure that it could enforce a rental guarantee, lodging a $2.8M claim. Austino pursued the claim to the Supreme Court and lost an appeal in 2013.
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Austino nevertheless pursued plans to seek approval to redevelop the 9,600sqm site to include a larger and modern shopping centre with two residential towers on top fronting Dunmore Street and 8 storey European style building fronting Pritchard Street and basement parking for retail, commercial and residential users.
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The planning proposal was recommended by the Council to go to the State Government for determination and the State approved the plan in January 2018.
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The redevelopment is proposed to accommodate over 9,000sqm of ground floor retail including a brand new full line supermarket and first floor commercial spaces, and approximately 500 units.
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The downturn in the residential pre-sales market has led the Austino Group to sell the project. At this stage the sale price is undisclosed, however is likely to be in excess of $35m.