Artarmon Home HQ, a large format retail (LFR) centre located in the heart of Sydney’s Lower North Shore has hit the market, with McVay Real Estate Australia exclusively appointed to manage the sale via an Expression of Interest campaign closing on 1 June 2023.
Completed in 2010, the 23,945m2 centre is an award-winning adaptive reuse heritage industrial building that provides exceptionally designed retail space, incorporating its industrial shell’s historical nature.
Fortius purchased the site for $140 million in 2018 and revitalised the centre with a new street front, food and beverage development and fresh tenancies. It recently completed a major expansion of the centre to deliver a market-leading F&B offering – The Glasshouse. The tenancy services the bustling precinct and its surrounding residential trade area, and is operated by Norths Collective.
Artarmon Home HQ is anchored by The Good Guys and Freedom and is home to some of Australia’s leading large-format retailers, including JB Hi-Fi, Barbeques Galore, Kitchen Warehouse and Oz Design Furniture.
The centre has an exceptional level of income security with 97% occupancy, a 4.7 year WALE and an unrivalled level of tenant retention.
Artarmon Home HQ is in a scarce peer group, with only three large format retail centres located within 10kms of the Sydney CBD and the only one of these three centres in Sydney’s north. This delivers a substantially larger than usual trade area that covers approximately 13% of Metropolitan Sydney. In addition, being within the inner ring of Sydney, the primary trade area benefits from per capita income that is 48.4% above the Australian average.
In addition to the residential trade area, the centre is located within Artarmon’s thriving medical, commercial and industrial precinct.
Sam McVay, Managing Director McVay Real Estate, said: “Home HQ is positioned in the perfect location. It is the only large-format retail centre in one of Australia’s most affluent trade areas, which is experiencing diminishing levels of LFR supply. The centre is positioned for strong future LFR performance, all while alternative use feasibilities improve.
“Only 17% of national LFR centre sales in the past five years were within 10km of a major CBD, and there has only been one centre sold within 10km of the Sydney CBD in the last five years. Inner ring large format retail centres are always highly sought after but rarely offered for sale,” said McVay.
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