Glenmore Ridge in Western Sydney will be the home of a brand new neighbourhood shopping centre, after Mintus Properties purchased a 2.11 hectare site for $7.22 million from Lensworth Glenmore Park (a subsidiary of Stockland Development Pty Limited), within the aspirational master planned residential community of Glenmore Ridge.
Located at 90-98 Glenmore Ridge Drive, Glenmore Park, 50kms west of the Sydney CBD, the neighbourhood shopping centre will be in line with the current B2 zoning and will cater to the growing retail trade area.
The property is located in the Glenmore Ridge residential community development, occupying an island site bound by Darug Avenue, Glenmore Ridge Drive, Glenholme Drive, and Deerubbin Drive. It is well located to take advantage of the rapidly changing demographic within the surrounding area, being approximately 4kms south of the M4 Motorway and 8kms from the Penrith CBD.
James Wilson, NSW Director of Retail Investment Services at Colliers International, said the surrounding master planned community has undergone a transformation from a new suburb into a developing community, with the neighbourhood development delivering the retail component of the original vision for the precinct.
“The increasing lack of supply for quality neighbourhood centre sites in greater Sydney shows no signs of slowing down, given the sharp yield compression experienced over the past two years for completed investments,” said Mr Wilkinson.
“The uplift in value for neighbourhood sites and shopping centres can also be attributed to the high levels of capital we are seeing from domestic and offshore investors combined with the low cost of debt in the current record low interest rate environment” he said.
The Main Trade Area population is currently estimated at 11,910 persons, including 7,150 residents in the primary zsector and by 2026 this is expected to increase to 14,660 persons.