Private property investor Revelop has acquired Prospect Central in Greater Western Sydney, marking its fourth Sydney shopping centre acquisition in just two months as it continues to expand its retail property portfolio.
The neighbourhood shopping centre was purchased in an off-market transaction brokered by JLL’s Sebastian Fahey, David Mahood, Nick Willis and Sam Hatcher. The financial terms of the deal were not disclosed.
The acquisition follows Revelop’s purchases of Kareela Village, Ingleburn Village and Quakers Court since May, all of which were also negotiated by JLL.
The latest deal brings Revelop’s Sydney shopping centre acquisitions to more than $1 billion since 2023. Previous purchases include Stanhope Gardens for $158 million, Stockland Balgowlah for $155 million and Forestway for $100 million.
Prospect Central comprises about 6000sqm of net lettable area on a site exceeding 15,000sqm. Anchored by a standalone Woolworths supermarket, it is the only supermarket within its primary trade area and is home to tenants including BWS, Ampol, 7-Eleven, a medical centre, a pharmacy and food retailers.
Anthony El-Hazouri, co-founder and director of Revelop, said the asset offered “an irreplaceable supermarket position with no competing offer in its trade area.”
“It’s exactly the kind of defensible, high-conviction asset we look to build long-term value from,” he said.
Charbel Hazzouri, co-founder and director of Revelop, said the acquisition strengthens the company’s growing Western Sydney portfolio, which includes Greystanes Shopping Centre, Pemulwuy Marketplace, Emerton Village and Stanhope Gardens.
According to JLL, the transaction comes amid constrained investment supply despite strong investor demand for convenience retail assets.
The firm said year-to-date shopping centre transaction volumes by deal count are 80 per cent below the previous five-year average, with neighbourhood shopping centre activity in NSW particularly limited.
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