Templeton Group has sold award winning Long Bay Village, the retail precinct that sits at the heart of the Long Bay community. Retail outlets include a New World supermarket, a medical centre, pharmacy, dental, health, fitness and beauty services as well as a number of cafes, restaurants and bars.
The Village has been sold to an undisclosed purchaser for an undisclosed sum. When fully leased, the retail precinct represents $2 million of net annual income.
Designed by Architectus, the Village comprises 27 retail tenancies in four buildings representing 3,870m2 in total area, together with 230 carparks. Part of a master-planned development, the Village is a superb mixed-use retail hub providing convenience and amenity and a central spot for residents to gather.
The Village opened in 2019 and was acquired by Templeton in December 2019, when it purchased the assets of Todd Property. Templeton has managed it since then, staging activations and establishing the village market.
Templeton is a master planning and development company, which at its core strives to create new and well-designed communities. Templeton is not a fund or long-term investor. Accordingly, the sale puts the village into the hands of a company whose core competency is to manage and further enhance the retail centre for this growing community.
“Templeton’s interests are aligned with but complementary to those of the new owners: we develop high quality residential property; they invest in retail and commercial property in areas of high demand,” said Templeton General Manager, Nick Hargreaves.
The purchaser understands Templeton’s long-term aspirations for the Long Bay valley and the opportunity that represents for retail in the Village. The population of Long Bay is growing significantly, along with the demand for quality local goods and services. The current catchment is 21,000 residents, with significant growth forecast as Templeton’s other developments in Long Bay – Elementum, Lightbox, Nerita, Kahu and Longshore — come on stream.
“Our interests are mutually supportive: our planned and consented developments in Long Bay will see another 600–700 houses built over the next few years alone,” says Hargreaves. “And all those new residents will want to enjoy convenient, quality retail offerings and amenities. That’s great for the Village, and for us: our focus is now entirely on developing a range of high-quality, high-density apartments, terraced houses and town houses.
“Completing a transaction like this requires skill and commitment,” adds Hargreaves. “Templeton would like to record its thanks to its advisors who assisted with the sale: Russell McVeagh lawyers, Bayleys retail and investment sales and the valuation team from JLL.”