Real estate St Marys: St Marys Village sells for $68 million

There is news about real estate St Marys, and we are happy to bring it to you. The story shows continued development in our suburb. We are headed in the right direction, getting ready for the Badgerys Creek development which will undoubtedly move us up the ladder.

Mirvac’s St Marys shopping centre has been sold for a sale price of $68 million, which represents a 36% premium to book value! A local private investor has bought it. The 15,904m2 convenience centre has a robust performing Woolworths, Target and 37 speciality stores. The centre reported a turnover per square metre of $5,937 in the recent 2019 SCN Mini Guns report.

The centre is situated on 4.2 hectares. It is fully leased and has been managed by Mirvac for 13 years. Located in a trade area with an evergrowing population, the centre will also reap the benefits of a new rail connection to the new Badgerys Creek airport in years to come.

The target lease will expire in 2021 without further options. The situation gives the centre a chance to redevelop in the coming years. The sale was completed by Carl Molony of Stonebridge Property Group together with McVay properties, established commercial agents for real estate St Marys. The settlement is likely to take place in December.

London-based Zaha Hadid and Australian firm Cox have been tendered to build the Badgerys Creek airport, selected from more than 40 entrants. In the process, they have ousted Foster and Partners, Woods Bagot, and Architectus among others. The airport is fully paid for by the Commonwealth. Construction giant Lendlease is currently undertaking the major earthworks. Stage one includes facilities for up to 10 million passengers annually. Other stages will accommodate about 82 million annual passengers by 2060.

The story was originally published in the Shopping Center News.