Price reflects opportunity in St Marys

St Marys Village was sold by Mirvac for $68 million signalling high confidence in the retail market and in Western Sydney.

Set in an area to be connected to the Western Sydney International Airport by the North South Rail Link in 2026, the property drew well over the estimated $50 million on listing.

The Susan Lloyd-Hurwitz-led company’s winning bid put paid to suggestions that retail property assets will slump in value.

St Marys Village spans 15,904sqm and includes a Woolworths, and 37 specialty stores with 551 car parking spaces.

According to reports in The Australian “with the Target expiry in 2021 and low gross rental of $111 per sqm the site was pitched as a rare renewal, re-leasing or redevelopment opportunity”.

Read more about the sale.

Image: Mirvac recently sold St Marys Village for $68 million to an Asian-backed company signalling high confidence in the region.