Picton Mall is up for grabs for the first time. Picture: Simon Bullard
A CHARMING shopping precinct in the heart of a Sydney town has hit the market.
Selling for the first time, the privately owned Picton Mall in the Macarthur region is up for grabs with expectations of more than $35 million.
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The centre, which has an 8875 sqm footprint on the 1.21ha parcel of land at 9 Margaret St, is anchored by Coles, Supa IGA and Target Country stores.
Listing agents Nick Willis and Justin Dowers of CBRE are hopeful it will attract plenty of interest from local and interstate investors.
There is a varied mix of stores in the spacious complex.
“We have experienced low levels of supply this year for neighbourhood shopping centres. When compared to 2017 volumes, NSW is down by more than half,” Mr Willis told the Macarthur Chronicle.
“Investors are continuing to find security in the non-discretionary retail sector,” he said, referring to the site’s food and service-based stores, which include a medical centre.
The popular shopping precinct is in the heart of town.
With a fully leased annual net income of $2.35 million, the plaza also has cafes, a Thai restaurant, Liquorland, hair salon, post office, real estate agency, jeweller and discount stores.
Mr Willis said the mall’s location in the southwest growth corridor was key, especially when paired with the town’s anticipated population growth.
“The centre is designed to accommodate this with a DA for further expansion,” he said.
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Documents lodged with — and approved by — Wollondilly Council reveal plans to demolish the old fire station at 7 Margaret St, to make way for commercial services and associated parking.
Picton Mall is selling via an expressions of interest campaign, which closes early next month.