Pitt Town Shopping Village sells for a staggering 75 per cent above reserve
Pitt Town Shopping Village in Western Sydney has sold under the hammer for $5.231 million, a staggering 75 per cent above reserve, demonstrating strong buyer demand for neighbourhood essential service assets.
Offered to the market for the first time in more than 42 years, the tightly held shopping village at 29 Eldon Street drew an extraordinary level of interest ahead of the auction. Colliers’ Harry Bui, Swami Vishwanathan and Andrew Bui led the campaign, ultimately achieving a net yield of approximately 3.88 per cent for the private vendor.
According to the agents, enquiry volumes were unlike anything seen recently for a metro neighbourhood centre with more than 200 qualified buyers requesting information and 18 bidders competing on auction day.
“The depth of enquiry and the intensity of bidding speaks to the strong confidence investors have in essential-service retail,” said Harry Bui.
“This result highlights the sustained shift toward neighbourhood centres anchored by supermarkets in growing metropolitan corridors.”
The property comprises eight tenancies anchored by a branded IGA supermarket on a secure 10-year lease, alongside the long-standing Pitt Town Bottle Shop. Occupying a 2192-square-metre freehold corner site with surplus land for future development, the centre sits within Sydney’s North-West Growth Corridor, which is recognised as one of the state’s fastest expanding residential zones.
Strong trading performance, minimal direct competition and favourable E1 Local Centre zoning contributed to the asset’s widespread appeal, offering both immediate income stability and long-term upside.
Andrew Bui said investors are increasingly prioritising defensive, non-discretionary retail.
“Convenience centres anchored by essential-spend tenants provide the income security investors are seeking in today’s climate. These assets deliver reliable returns and remain highly relevant as consumer behaviours continue to evolve.”
That sentiment is reinforced by Pitt Town’s demographic and infrastructural growth.
“Pitt Town is a tightly held suburb with an 88 per cent owner-occupier rate and population growth of 27 per cent between 2016 and 2022. Ongoing government investment across the Hawkesbury region is further elevating demand for retail assets,” added Swami Vishwanathan.
