A 6,633sq m Penrith shopping centre anchored by Woolworths and Aldi has hit the market with expectations of $45 million, presenting buyers with an “unprecedented” opportunity to invest in a secure retail asset with outstanding fundamentals.

The recently completed Cranebrook Village Shopping Centre, at 80 Borrowdale Way, Cranebrook, in Sydney’s west, has a WALE of 14-plus years based on several new long-term leases.

Savills Australia’s Steven Lerche and Andrew Palmer have been appointed to the expressions-of-interest campaign in conjunction with CBRE’s Nick Willis and Justin Dowers. The property is expected to attract enquiries from a wide buyer pool, including local, interstate and offshore investors.

“We haven’t seen a brand new, high-quality neighbourhood shopping centre formally offered to the market in Sydney for a long time and we can only compare it to the likes of Coburg North Village in Melbourne, which sold for $38 million at a record yield of 4.98 percent,” Mr Lerche said.

“With an unprecedented WALE, this is a high-performing asset with 70 percent of the income stream underpinned by Woolworths and Aldi and 84 percent by national retailers, providing absolute security.”

Mr Lerche said the new shopping centre carried strong investment characteristics, being designed and built by two market-leading companies, and harbouring future development potential.

“The centre was designed by one of Australia’s leading architectural firms, i2C, and constructed by nationally renowned retail building company, Mainbrace Constructions,” he said.

In addition to the Woolworths and Aldi supermarkets, there are 13 specialty retailers.

Mr Willis said the offering of Cranebrook Village presented an “attractive” opportunity that would appeal to investor demand.

“Driven by both the ever-changing retail landscape and debt markets, investors are specifically focused on acquiring shopping centres that are underpinned by non-discretionary retail mixes that provide a long-term defensive income stream,” he said.

Among the specialty retailers are Terry White Chemist, First Care Medical Centre and Australia Post, with BWS forming part of Woolworths’ tenancy. The centre also provides visitors with ample dining areas and a village green to enhance the shopping experience.

Mr Lerche said the shopping centre’s location was a key selling point, within the newly labelled “innovation hub” of Penrith, which has been billed for “outstanding growth” throughout the next two decades.

“Located on a prominent corner site, the centre is in the heart of the Cranebrook residential estate, opposite the high school, childcare and community centre, and close to major arterial roads and public transport facilities,” he said.

“It’s perfectly positioned to cater to the population growth of greater Western Sydney, which is expected to grow eight million people in the next 40 years.”

Expressions of interest close 3pm Wednesday 26 September.

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