Frasers Property Australia is selling Eastern Creek Quarter in Western Sydney
Singapore-backed Frasers Property Australia is doubling down on its retail sell-off by putting Eastern Creek Quarter in Western Sydney on the block in a move expected to garner $400m.
The offer of the new retail precinct – that includes the largest Asics outlet store in Australia – comes just after it put Ed. Square Town Centre at Edmondson Park in Sydney’s southwest up for sale for $250m.
The new outlet centre at ECQ also sports Adidas, Puma, Calvin Klein, Tommy Hilfiger, Country Road, Levi’s, New Balance, Oroton and 2XU.
Big-ticket retail assets are dominating sales in the sector this year with billionaire Sam Arnaout settling the purchase of the St Ives Shopping Village in Sydney for $450m.
The retail sector has been resilient in the face of rising interest rates, Middle East conflict and higher fuel prices, with sales of big-ticket centres, including a stake in Westfield Marion in Adelaide and Melbourne’s Greensborough Plaza, in train. The western Sydney complex will be chased by the likes of listed players Vicinity Centres and MA Financial, for its real estate funds arm.
Private groups will also chase the site as few major Sydney centres hit the open market. The purpose‑built, multifaceted retail precinct is being offered to market via CBRE’s Simon Rooney and James Douglas and JLL’s Sam Hatcher and Nick Willis. Developed by Frasers across three stages, and with a major outlet centre just opened, the precinct also sports a supermarket-based convenience-orientated centre and a large format retail complex.
Frasers general manager, retail investments, Felicity Armstrong, said the precinct integrated everyday convenience shopping with a large-format offering and was western Sydney’s first outlet retail concept.
Mr Rooney said the ECQ Precinct offered immediate investment scale, market dominance, a fully leased core retail holding and a sought-after outlet centre in western Sydney’s growth corridor. “ECQ combines strong income-security, modern design and significant future upside in a growth corridor that continues to outperform national averages,” Mr Rooney said.
Mr Hatcher said it had been more than a decade since an outlet centre was available to purchase in Sydney. “This, combined with the existing convenience and large format retail component, sets the stage for a highly competitive process,” he said.
The first stage is anchored by a full line Woolworths and supported by dining and everyday retail, with large format retail following, and the dedicated outlet centre opening this year. A 10,000sq m outlet expansion is also approved.
Other large retail assets are also coming into play. Ladstone Holdings, a company directed by Ross and Dallas Pendergast, is selling Glenfield Mall, in Auckland, NZ, with expectations of more than $NZ150m.
The property is a cornerstone of Auckland’s affluent North Shore and it spans 30,458sq m. NZ assets have won interest from Australian and Asian investors as well as local players.
The sale is being handled by JLL’s Retail Investments team, led by Mr Willis, Mr Hatcher and Harry Fergusson.