The Singapore listed Metro Holdings and Sim Lian Holdings have acquired the Ropes Crossing Village Centre from Ganellen for $42m.
The Metro Group and Sim Lian Holdings formed a joint venture in 2019 for the acquisition of a 20% stake by Metro in a portfolio of 14 freehold office and retail properties in Australia for approximately A$95.8 million. The portfolio is managed by Rockworth Partners, a subsidiary of Sim Lian Holdings.
The portfolio includes 50 Margaret St, 390 St Kilda Rd, 100 Edward Street, and shopping centres at Jordon Springs, Lake Munmorah, Tarneit Gardens, Lara Village, Redbank Plains, Everton Park, Dalyellup and others.
Contracts for the Ropes Crossing Village Centre were exchanged on the 19th October 2020 and settled on the 19th January 2021.
The Centre, is situated at 8 Central Place, and comprises a Coles Supermarket and 13 specialty tenancies with a total NLA of 3,618sqm.
The Centre has an occupancy of 97.5% and a WALE of 9.3 years by income.
A concept development application was approved in August 2020 by Blacktown Council for the redevelopment of part of the existing shopping centre & ground level car parking area.
The proposal included the retention & expansion of the existing shopping centre with the addition of 711.6sqm of supermarket floor space, 40.8sqm of specialty retail floor space & 525sqm of commercial floor space above the existing commercial space.
The plans also included approval for building envelopes for 3 x 6 storey residential flat buildings comprising 128 residential apartments above basement car parking for 468 cars. Detailed development applications for the apartments will be required.
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