The Hurstville Central Shopping Centre has been offered for sale by owners Cerno.
Built over Hurstville railway station, the centre was formerly known as the Hurstville Super Centre.
It was bought by Cerno in 2006 and renovated at a cost of $15 million and included a new concourse and a rebranding.
The centre includes a 2,700sqm Coles supermarket, 27 specialty shops, four mini-majors and eight kiosks, and parking for 236 cars.
Considered the gateway to Hurstville, the centre is located opposite the new town square, currently under construction in Forest Road.
Cerno estimates that footfall through the centre now exceeds 11.5 million people per annum.
The centre has over 98 per cent occupancy, Cerno director Michael Figg said.
“After purchasing the centre in 2006, we undertook a full refurbishment to transform and reposition what was then a dilapidated, under-performing centre into a sophisticated transport hub with improved sight lines, flow and amenity,” Mr Figg said.
“This allowed us to secure a diverse range of food, services and convenience retail tenancies to meet the needs of the area’s fast-growing population.
“Since purchase, the centre has experienced significant growth in foot traffic and moving annual turnover, while net income has increased thanks to rental growth, remixing and leasing activities. As a result, investors have benefited from attractive returns on their invested capital.”
The sale is being handled by commercial property agencies McVay Real Estate and Stonebridge.