An award-winning ALDI-anchored neighbourhood shopping centre located north of the Sydney CBD has been listed for sale.
Galston Village shopping centre in the Hornsby Shire is a strategically located neighbourhood centre, with a new 10-year lease extension to ALDI in place and over 80% of GLA and income secured by essential service retail.
Built in 2009, the 100% fully leased centre comprises three buildings totalling 2,541square metres of GLA, with the ALDI and Liquorland supported by nine specialty tenants including a pharmacy, dentist and cafe, serviced by an under-croft carpark.
The Colliers team of James Wilson and Ben Wilkinson have the exclusive listing.
“Galston Village will be highly pursued by domestic and offshore private investors given it is only the second freehold Sydney metropolitan neighbourhood shopping centre to be publicly marketed in 2024. The 100% fully leased centre features a new Aldi supermarket 10-year lease extension including a highly prized CPI annual rental review structure which will drive security and income growth for investors,” Wilson said.
“Galston Village shopping centre represents a secure long-term investment with 100% of the income profile including guaranteed rental review structures, being CPI or fixed reviews. Further, ALDI and Liquorland secure 74% of the centre’s GLA, with the centre featuring the only supermarket with a floor space over 1,000 square metres in the primary sector,” Wilkinson added.
The centre won the 2010 Master Builders Association (MBA) Excellence in Construction Award, forming part of a captive trade area with limited essential service retail competition and high barriers to entry.
Interest is expected by largely domestic and offshore private investors, given Galston Village is one of the few Sydney metropolitan neighbourhood shopping centres to be marketed below $20 million in value.
Galston Village shopping centre is for sale via an Expressions of Interest (EOI) campaign, closing on 18 September 2024.