Sydney’s $400m Eastern Creek Quarter Coming to Market
A $400-million retail precinct in Western Sydney is about to be offered to the market.
Frasers Property Australia will launch the sale of Eastern Creek Quarter (EDQ), offering what has been called a rare acquisition opportunity underpinned by the recent opening of a major outlet centre.
The precinct, developed across three stages, combines a supermarket-based convenience centre, a large format retail complex and Western Sydney’s first dedicated outlet centre.
Frasers Property Australia general manager retail investments Felicity Armstrong said the precinct “seamlessly integrates everyday convenience shopping with a thriving large format offer and is Western Sydney’s first outlet retail concept to create a uniquely compelling retail proposition.”
“Eastern Creek Quarter is firmly established among the community and broader Western Sydney region as a go-to destination combining convenience shopping with well-known large format brands and in ECQ Social, an exciting food offer unlike anything else in the region.
“With ECQ Outlet now open and making an immediate mark with an overwhelming customer response, this diverse and comprehensive retail destination is complete.”
Armstrong said that “given the under-representation of outlet retail in New South Wales, it stands out as a retail destination unlike any other in scope, quality, connectivity and diversity of offer”.
“Having realised the grand vision for the ECQ precinct we originally conceived about 10 years ago, this precinct is now ready for its next chapter,” she said.
CBRE Pacific head of retail capital markets Simon Roone said the precinct offered“immediate investment scale, market dominance, a fully leased core retail holding and sought-after outlet centre in Western Sydney’s burgeoning economic and residential growth corridor”.
Opportunities to acquire a 100 per cent interest in a Sydney-based retail precinct of this scale, quality and configuration are exceptionally rare.
“ECQ combines strong income security, modern design and significant future upside in a growth corridor that continues to outperform national averages.”
JLL head of Retail Investments for Australia and New Zealand Sam Hatcher said it had been more than a decade since an outlet centre was available to purchase in Sydney.
“This, combined with the existing convenience and large format retail component, sets the stage for a highly competitive process,” he said.
Forty-one kilometres west of the Sydney CBD, Eastern Creek Quarter is on a 15.4ha site at the intersection of the Great Western Highway and the M7 Motorway, with exposure to approximately 26 million passing vehicles per year.
The precinct’s core retail component spans 40,863 sqm of GLA, with 91 per cent of space secured by national retailers, and provides 1942 car spaces within a highly integrated modern design.
Stage 1, ECQ Shopping Centre, completed in June 2020, features a full-line Woolworths and supporting dining and retail. Stage 2, ECQ XL, completed in June 2022, offers more than 11,000 sqm of large format retail. Stage 3, ECQ Outlet, opened on March 25, has more than 100 brands, 18 dining destinations, and 1100 car spaces.
Confirmed outlet retailers include Asics, with its largest Australian store, Adidas, Puma, Calvin Klein, Tommy Hilfiger, Country Road, Levi’s, New Balance, Oroton, and 2XU.
The precinct also includes a concept-approved 10,000 sqm outlet expansion opportunity, providing a clear value-add pathway for incoming investors.
ECQ services a trade area of 1.2 million residents, forecast to reach 1.5 million by 2041, supported by total retail spend of $16.4 billion, projected to reach $20.4 billion by 2036.
An international expressions-of-interest campaign is due to begin in May.
CBRE’s Simon Rooney and Sam Hatcher at JLL are managing the sale.
