The retail component of one of Sydney’s largest redevelopments in recent years has sold for $174.5 million through Colliers International. It is part of the Central Park complex, located at 1 Park Lane and 28 Broadway at Chippendale.
Central Park is a redevelopment of the former Kent Brewery site (also known as the Carlton United Breweries or CUB site) into a mixed use complex of 11 retail, commercial and residential buildings around a centrally located landscaped area. The complex comprises over 75,000 sqm of commercial space, 16,000 of retail, over 2,000 apartments and more than 30,000 sqm of parks and terraces. It was built at an estimated cost of $2 billion and is renowned for its art installation by French botanist, Patrick Blanc, which has become the world’s tallest vertical garden, a wall hanging of flowers and vines stretching 150 metres.
The retail component’s catchment includes thousands of nearby residents, students, office workers, commuters and tourists staying at Central Park’s Four Points By Sheraton Sydney. It includes a Woolworths, a cinema and numerous smaller specialty shops, all over a 14,600 sqm site across Central Park Mall, the Park Lane Retail and the retail component of the DUO building.
The buyers are Fortius Funds Management Pty Ltd, a privately owned Australian investment management group which was established in 1991 by Ray Sproats of Palm Beach and SC Capital Partners Group, an employee owned property investment firm based in Singapore.