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AsheMorgan-backed Sydney shopping center hits the market with A$130M price tag

Sydney-based property platform Cerno is selling a retail center backed by investment house AsheMorgan in the Sydney suburb of Hurstville with a roughly A$130 million price tag, The Australian Financial Review reported.

The Hurstville Central Shopping Centre, which encompasses one of the busiest train stations in the city, is 98%-leased to anchor tenant Coles, four mini-majors and 27 specialty stores, with a by-area average lease expiry of 7.6 years, according to the March 7 report.

The retail asset is adjoined by another Cerno-controlled site called Gateway. Together, the two properties, which are jointly managed by McVay Real Estate and Stonebridge, offer 15,211 square meters of space, the publication noted.