Stonebridge Property Group has announced the sale of IGA Sutherland for $18,000,000, via an on-market Expressions of Interest campaign.
The fully leased neighbourhood shopping centre enjoys excellent exposure from its corner location, flexible planning controls, and prime retail position in the heart of the Sutherland Village, situated 300 metres from Sutherland Station.
The Centre is anchored by a VicsFresh IGA Supermarket and is complemented by three supporting retailers including a butcher and green grocer. The Property drew very strong interest, attracting over 125 enquiries and 17 data room participants.
Set on a large 2,910 sqm landholding, the Property enjoys flexible E2 Commercial Centre zoning unlocking the potential for a future mixed-use development. All tenancies contain demolition clauses within their leases, ensuring access and unlocking optionality.
The K2 Property Development Group is a boutique developer with a track record of delivering high quality projects. Recently recognised by the industry by winning the 2023 HIA Apartment of the Year and 2022 HIANSW Home of the Year. K2 are preparing a development application for a landmark mixed-use scheme, capitalising on the current undersupply of residential accommodation and in line with the significant amount of residential development occurring in Sutherland and Cronulla.
Managing Director, Michael Koundouris stated, “It is a desirable property, and we are looking at various options for this development, part of the development will remain in our investment portfolio and the residences will be taken to market. We are excited to collaborate with exceptional engineers and architects to offer Sutherland residents more than just a home.”
Stonebridge’s Alex James-Elliott said, “Sydney metropolitan supermarket and neighbourhood shopping centres have always been strongly contested when offered to market due to their irreplaceable land holdings and defensive income stream. Private investors are aggressively targeting these assets, especially those located within close proximity to transports hubs, with significant unsatiated investor demand.”
