Caddens Corner Shopping Centre Sells for $80m

16 December 2020

Holdmark Property Group have successful acquired the Caddens Corner Shopping Centre for $80m.

Situated 5.8km east of the Penrith CBD and located within the Penrith City Council local government area, Caddens Corner was developed by Western Sydney University on surplus land adjacent to its Penrith Campus.

The Centre includes a full-line 3,754sqm Woolworths Supermarket, a 1,301sqm childcare centre, health and wellbeing services, a gym, food and dining precinct, a range of speciality retail stores, and a 500-car onsite car park, complete with electric vehicle chargers.

The retail centre has a WALE of 9.6 years and a forecast net income of $3.7m per annum.

The transaction also includes a 3.32ha development site with a zoning approval for high density residential dwellings to a maximum height of 15 metres. A DA for any development has not been submitted for the site.

Other sales of high density residential land in the Penrith area have sold at in excess of $600 per sqm, which if applied to the 3.3ha development site would value the site at $19.8m.

On that basis, the retail Centre is likely to have traded at a fully let yield of 6.1% on a purchase price of $60.2m.

The Centre was marketed by JLL on behalf of Western Sydney University.

Western Sydney University Vice-Chancellor and President, Professor Barney Glover AO, said Caddens Corner will contribute to the region by supporting people to live, learn and work in a community that is well connected to services, shops and other amenities.

“Caddens Corner is part of our ‘Western Growth’ strategy – a plan that is reshaping the University’s campus network and co-creating cities and infrastructure across Western Sydney. This is being done in partnership with industry and government and fosters a deep engagement with our local communities.” said Professor Glover.

The Penrith Campus Master Plan is a large-scale transformative vision for the WSU Werrington Campus to become an internationally recognised ‘Innovation Cluster’ centred around a mixed use core. The redevelopment encompasses the repositioning of 107 hectares of land situated at the easternmost point of Penrith’s Health and Education Precinct dubbed the ‘Quarter’.

Western Sydney Uni – Werrington Master Plan