Hong Kong-based JY Group has bought a 50% stake in Sydney’s Carlingford Court shopping centre from Telstra Super for $120.5 million, reflecting a 6.3% passing yield. 

The 33,298 sqm centre was anchored by Coles, Woolworths and Target, together with mini majors including Bing Lee, Fitness First and The Reject Shop. 

Carlingford Court had more than 65 specialty stores, with the retail offering supported by a wide range of restaurants, cafes and takeaway food outlets. 

The four-level property sat on a 35,510 sqm site alongside a 1,762 sqm vacant block, located about 18km northwest of the Sydney CBD. 

The deal expands JY’s Australian shopping centre portfolio, boosting its Australian assets to almost $1.8 billion. 

Simon Rooney, Head of Retail Capital Markets – Pacific at CBRE, negotiated the off-market transaction on behalf of Telstra Super.  

“The result demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending,” Rooney said.  

“There is particularly strong interest in assets which offer mixed-use development potential and strategic value-add opportunities.” 

The Carlingford Court acquisition included the potential for a mixed-use apartment development, subject to the relevant planning approvals, to capitalise on the centre’s prime north-western Sydney location and proximity to Carlingford railway station. 

The centre draws 5.3 million visitors each year and has an moving annual turnover (MAT) of $188 million, including its strongly performing supermarket offering. 

The deal comes after QIC sold the Castle Mall shopping centre in Sydney’s northwest to The Hills Shire Council for $105 million in May, reflecting a 4.1% fully leased initial yield.