Sydney-based JY Group has acquired a 50 per cent stake in Bankstown Central for $318.6 million.
The deal lifts the value of JY’s Australian shopping centre assets to over $3.5 billion. It follows the group’s acquisition of a 50 per cent interest in Sydney’s Warriewood Square last year.
The remaining interest in Bankstown Central is owned and managed by Vicinity Centres.
Located in the heart of the Bankstown CBD and 17km southwest of the Sydney CBD, Bankstown Central provides a gross lettable area of 78,530sqm across three levels.
The centre is securely anchored by Myer, Big W, Kmart, Coles and Woolworths and includes more than 190 specialty stores. It is also home to the ‘Grand Market’ fresh food precinct, a flagship Foot Locker store, Uniqlo and JB Hi-Fi.
Total centre turnover was up 4.6 per cent to $530 million last year, underpinned by the $120 million from the dual supermarket operators, together with robust specialty productivity and a sustainable specialty OCR.
The property underwent a significant refurbishment in 2022, which cost more than $60 million. The project, part of a broader redevelopment vision, aimed to create a vibrant mixed-use neighbourhood with enhanced transport integration and a vibrant new retail experience.
The centre is situated within an expansive and growing trade area of 535,873 residents, which is growing by 1 per cent each year and is anticipated to reach 660,173 people by 2046.
“The Bankstown Central sales process was hotly contested, with several bids received from a range of domestic and offshore groups,” said CBRE’s head of retail capital markets – Pacific, Simon Rooney, who was appointed to steer the off-market Bankstown Square sale process.
“The centre’s strategic metropolitan location in one of the most tightly held investment destinations in Australia was a key draw card, as was the asset’s strong underlying retail fundamentals, exceptional retailer performance, local transport amenity and genuine value-add potential.”
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