|
|
 |
20 December 2001
Lend Lease Sells Newington Marketplace for $11.8 million
Sale reconfirms commercial investment appeal of masterplanned precincts
Millennium Asset Management has purchased the Newington Marketplace Shopping Centre from Lend Lease Development for approximately $11.83 million. The Centre is anchored by Woolworths.
Lend Lease Development Manager, Mr Nicholas Lefebvre, said: "The sale follows the October sale of the remaining interests Lend Lease had in Newington Business Park to ING for approximately $28 million".
"This brings to conclusion a highly successful commercial and retail development project for Lend Lease Development as part of the overall masterplanned development and renewal of the Homebush Bay Olympic precinct."
Opened in September of this year, Newington Marketplace was originally used as part of the Olympic Village in September 2000 and is considered the focal point for the new Sydney suburb of Newington.
Newington Marketplace comprises a GLA of approximately 3,812m2 and incorporates three Woolworths tenancies, namely a Woolworths Supermarket, Woolworths Liquor and Plus Petrol, leased for 15 years with three 5-year options, together with 11 speciality retailers with onsite parking for approximately 184 cars.
Set on a site area of 1.298 ha, Newington Marketplace is positioned approximately 14 kilometres west of the Sydney CBD and 9 kilometres east of the Parramatta CBD.
On completion, the suburb of Newington will eventually house approximately 5,000 people in over 2,000 dwellings, within short walking distance to all of the facilities offered.
"Newington Marketplace is one of a number of highly successful projects for the Lend Lease Group in the Homebush Bay Olympic Precinct," said Mr. Lefebvre.
"Members of the Lend Lease Group have been or are involved in development and project construction management of many properties in the precinct, including the Sydney International Aquatic Centre, Newington Olympic Village, the Novotel Ibis Homebush Bay Hotel, The Quad Business Park, and the Australia Centre," he said.
Rob Lloyd, of Millennium Asset Management said "The acquisition is being made on behalf of an offshore syndicate and is a strategic purchase. Newington is a well designed, brand new Bovis Lend Lease built centre. It has a 15-year lease to Woolworths who occupy 65% of the centre net lettable area. The demographic profile of the Newington area is very strong with the new Newington suburb filling up and the ongoing and mooted development of more than 2,500 new residential dwellings in the Homebush and Sydney Olympic Park precinct. Jebb Holland Dimasi have forecast 17.3% annual population growth in the primary catchment area from 2001 to 2006."
The sale was negotiated by Jones Lang LaSalle Regional Director Mr Simon Rooney.
About Lend Lease
Lend Lease is a fully integrated global real estate group comprising two businesses: Real Estate Solutions, which offers clients creating physical assets a full range of project management, construction, development, capital structuring and consulting services; and Real Estate Investment Management, serving clients who invest in real estate equity or debt.
Headquartered in Sydney, Australia, the Group operates in 38 countries on six continents, with a significant presence in the United States, Europe, Asia Pacific and South America.
In the Real Estate Solutions business, Bovis Lend Lease is recognised worldwide as a partner of choice for many leading global organisations. In addition to providing project management and development services on a global basis, the Group has a leading community development and land management business in Australia.
In Real Estate Investment Management, Lend Lease is one of the largest real estate investment managers in the world. The Group manages more than A$86 billion [US$43 billion, £31 billion] for institutional, mutual fund and private clients invested in property funds, real estate equity and securities, mortgages, and commercial mortgage-backed securities. In addition, the Group services some A$96 billion [US$50 billion, £35 billion] of commercial real estate loans. Lend Lease is positioned to take advantage of opportunities in regional markets in both public and private markets, and in cross border arbitrage opportunities, to earn premium returns for clients.media
|