Location iQ were engaged by Fortius Funds Management to undertake a Centre and Market Assessment of Central Park Mall in the Sydney CBD, as part of the acquisition process.
Fortius Funds Management are a privately owned Australian real estate investment management group whose primary focus is on managing real estate assets and portfolios for superannuation funds, offshore and onshore institutions, and high net worth and SMSF investors.
Central Park is an award-winning $2 billion mixed-use development, including retail, entertainment, commercial, hotel, education, student accommodation and residential uses. The former Carlton & United Breweries site at the southern end of the Sydney CBD was transformed by Frasers Property Australia and Sekisui House.
Our analysis allowed Fortius Funds Management to make an informed investment decision which ultimately resulted in the acquisition of the asset in October 2019.
The Central Park retail offer opened in 2013 and comprises:
- Central Park Mall (anchored by Woolworths and a 13-screen Palace cinema complex)
- DUO Retail (eight retail outlets)
- Park Lane Retail (six retail outlets)
In total, the centre encompasses 14,600 sq.m over five levels, comprising a diverse mix of entertainment, fashion, supermarket and a world class alfresco dining precinct. Working collaboratively with the client’s bid team, Location iQ undertook an independent assessment of Central Park Mall, including:
- Benchmarking of current centre composition and performance, to highlight potential opportunities and risks.
- A review of the customer segments served by the centre which includes workers, residents, students and tourists.
- An assessment of existing and future supply which may impact on the future performance of the centre.
- Identification of potential future tenants which could be targeted to locate at the centre.
This analysis was used to identify key opportunities and risk factors associated with the asset, and to provide an indication of likely gross rental levels in the longer term. Our assessment formed part of the due diligence process which ultimately resulted in the acquisition of the asset in October 2019.
