Sydney’s Home Hub portfolio up for sale

April 10, 2017 by  

LaSalle Funds Management (LFM) is expected to sell Home Hub sites for over $400m.

LFM want to dispose of Home Hub Marsden Park (HHMP) and Home Hub Castle Hill (HHCH). It is thought that retailers like Brett Blundy and Gerry Harvey could be interested in what is on offer. Full colour printing within Castle Hill can be used to showcase properties in the area.

Sam McVay, a managing director at McVay Retail Estate (MRE), has provided advice in relation to the sale. Residential development in the region has been strong and it is thought that this trend should support local economic growth. McVay explained:

“Home Hub Castle Hill is the second-largest homemaker centre in Sydney at 52,136 square metres. It benefits significantly from its broad offering of leading retailers and very limited competition within the catchment.”

McVay pointed out that an important part of the retail market took a big hit during the Great Recession. He said that the supply of large-format space was still restricted.

Maria Lee, a project manager with BIS Shrapnel, suggested that there would be a recovery in the growth of consumer spending in the future. She contended that large-format space was affordable and added that it can be put to use in a variety of ways. This flexibility has the potential to lend this type of space a comparative advantage over some of the alternatives.