Stiff competition from a deep cohort of high net investors looking for an income producing asset with development potential have pushed the price of a Sydney neighbourhood shopping centre to $37.5 million.
He said the pricing and potential of the Schofields centre was in the “sweet spot” for wealthy individuals. “Investment companies were interested but probably priced out by privates that weren’t bound by the same kind of structured gains and requirements.”“The view is that this asset offered opportunities that others didn’t,” he said.“It’s a very modern, Woolies-anchored neighbourhood shopping centre with minimum capex requirements that sits on a strategic block of land directly opposite a railway station in one of the fastest developing precincts in Sydney.
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