JY Group acquires 50% stake in Northern Sydney Mall for $707.79 m
It has benefitted from a $444.02m capital investment completed in 2016.
Hong Kong-based JY Group has purchased a 50% stake in Warriewood Square for $91m.
A 50% stake in Warriewood Square has been sold for $707.79m (AU$135.5m), CBRE Retail Capital Markets – Pacific announced.
Located 29 kilometers northeast of Sydney's Central Business District (CBD), Warriewood Square spans 30,301 square meters and is anchored by major retailers Coles, Woolworths, Aldi, and Kmart, which together account for 54% of its gross leasable area (GLA).
The shopping centre has benefitted from a $444.02m (AU$85m) capital investment completed in 2016, enhancing its appeal to investors.
The sale drew significant interest from private investors, driven by the center’s prime location and an $444.02m (AU$85m) capital investment completed in 2016. The supermarket operators at Warriewood Square generate over $522.37m (AU$100m) in annual sales.
This sale is part of a larger trend in the retail property market, with $6.79 b (AU$1.3b) in 50% interests in retail assets changing hands since June 2024. Other notable properties involved in recent transactions include Westfield West Lakes (SA), Westfield Tea Tree (SA), Claremont Quarter (WA), Lakeside Joondalup (WA), and Westfield Whitford City (WA). Additional partial interest transactions are expected as the year progresses.