Shopping centre sells for $112m

ONE of the largest shopping centres on the northern beaches has sold for $112 million to a US-based company. It was sold as having potential for development and is expected to be rebuilt with units on top of shops

FORESTWAY Shopping Centre has been sold for $112 million to a US-based company – and almost certainly will be redeveloped.

Invesco Asset Management took possession of the two-storey centre last week.

When the previous owners, GPT Group, advertised the 2ha site in June it stressed the potential for units and retail on the site, which is less than 1km from the site of the new Northern Beaches Hospital.

But any plans to develop the centre at Frenchs Forest will have to go through Warringah Council.

Forestway Shopping Centre clocked up 50 years last year and is now expected to be redeveloped.

A council spokesman said the new owners had not approached the council and there were no development applications for the land. Current zoning for the centre allows for 12m high buildings. However, because the site is now within the new hospital investigation area, development rules for the land may change.

Forestway Shopping Centre has Woolworths and Aldi supermarkets as anchor tenants, both on long leases.

In addition, there are 38 speciality stores, three kiosks and ATMS and eight office suites.

Warringah Mayor Michael Regan said the site could be a good location for affordable or seniors housing, due to links to Chatswood and the hospital.

Deborah Latta, Healthscope Project Director, on the site of the new Northern Beaches Hospital less than one kilometre from the shopping centre.

Cr Regan said any development would have to be considered against the council’s Hospital Precinct Structure Plan, due next year.

It would guide development in a 200ha area around the hospital.

Real estate agent Stuart Bath, of Skyline Real Estate in Frenchs Forest, said: “I can only imagine Invesco has bought the centre to build units.

“The next couple of years will see big changes in Frenchs Forest.”