Frasers Markets $631M in Sydney Retail, Melbourne Logistics in Aussie Sale Campaigns

Frasers Property is marketing more than $631 million in Australian commercial property, offering two recently completed retail centres in western Sydney for a combined A$650 million ($459 million) alongside a Melbourne logistics portfolio with a book value of S$218.9 million ($172 million).

The asset sales mark the latest step in a capital recycling push by the Singapore-listed developer controlled by Thai billionaire Charoen Sirivadhanabhakdi, which sold its Australian energy retailing business, Real Utilities, to Active Utilities in October 2025 for an undisclosed sum.

“As a development and investment business with a longstanding focus on Australia’s eastern seaboard, our strategy is to recycle capital to pursue new opportunities in our core markets,” Anita Hoskins, chief financial officer of Frasers Property Australia said at the time of the Real Utilities sale last year.

The current sale campaigns cover two Sydney retail centres and five Melbourne industrial assets, and come as overseas and local investors have been snapping up Australian industrial and retail properties. This includes Brookfield and Singapore’s GIC teaming up to buy National Storage for $2.6 billion in a deal agreed to in December, and a PGIM Real Estate joint venture acquiring a Melbourne mall last year from Queensland Investment Corporation for $286 million.

Western Sydney Retail

For its Sydney retail assets, the Singapore-listed company is seeking expressions of interest in separate offers for Eastern Creek Quarter, which includes western Sydney’s first outlet centre, and Ed.Square Town Centre, which together offer gross lettable area (GLA) of 65,365 square metres.

Completed in June 2020 in Blacktown about 40 kilometres (24 miles) from Sydney’s central business district, Eastern Creek Quarter has 40,863 square metres of lettable area which is 91 percent “secured by national retailers,” according to a statement from CBRE and JLL, which have been retained to handle the offer. At the asking price of A$400 million, the seller is seeking A$9,789 per square metre.

The shopping centre is located near the intersection of the Great Western Highway and the M7 Westlink motorway on Rooney Hill Rd South. An outlet centre was opened in March as the third and final stage of the precinct’s development, featuring brands including Asics, Adidas, Puma, Calvin Klein, Tommy Hilfiger, Country Road and Levi’s.

The statement said the Eastern Creek Quarter Outlet is the first dedicated outlet centre in Western Sydney, where a new international airport is nearing completion and due to open late this year, with upgraded transport links and other infrastructure also being developed in the fast-growing area.

“It’s been more than a decade since an outlet centre was available to purchase in Sydney,” Sam Hatcher, head of retail investments Australia & New Zealand, said, adding he expects a “competitive” tender.

Ed.Square Town Centre was put up for sale in March for A$250 million, or $10,203 a square metre, and is a little over 20 kilometres southwest of Sydney on the M7 close to the start of the M31 Motorway to the capital, Canberra. 

Located next to Edmondson Park Train Station, Ed.Square Town Centre was opened in 2021 with a gross lettable area of 24,502 square metres. The property has 89 stores and 926 parking spaces, per a separate statement from CBRE, which has been retained to handle the sale.

The retail centre forms the hub of Frasers Property’s $1.5 billion Ed.Square mixed-use development, which covers more than 25 hectares and will include 1,884 dwellings on completion, with 427 apartments already built.

“Ed.Square Town Centre not only services an established and thriving local community but, due to its highly connected location, is also a major food, dining and entertainment hub for the entire south-west Sydney region,” said Felicity Armstrong, general manager retail investments, Frasers Property Australia, said in the statement.

The centre has a moving annual turnover of A$65 million, which rose 17 percent last year from the preceding 12 months, with yearly footfall of 8.8 million. The “anchor” tenants, Coles supermarket and Event Cinemas, provide a weighted average lease expiry of 10.5 years.

CBRE expects the population of the asset’s “main trade area” to increase by 4.6 percent a year to 124,440 residents in 2036. The shopping centre is being offered to local and overseas and expressions of interest for both Sydney assets close 7 May.

Melbourne Sheds Available

The five Melbourne properties — in Truganina, Derrimut and Keysborough — were put on sale last week and generate net passing rent of approximately A$13.7 million a year. The weighted average lease expiry is about 3.3 years.

Tenants include CEVA Logistics, Silk Contract Logistics and furniture retailer Nick Scali. Cushman & Wakefield and CBRE are jointly marketing the portfolio.

“The portfolio offers immediate scale, high quality assets and rental upside within excellent core logistics locations,” said Tony Iuliano, international director and head of logistics and industrial ANZ at Cushman & Wakefield.

The properties carry a combined book value of S$218.9 million, according to Frasers Property’s most recent annual report, with all five fully let.

New Leadership

The asset sales follow Frasers Property’s announcement last month that Tony Lombardo, the outgoing chief executive of ASX-listed Lendlease, will join the group as chief operating officer on 1 October, based in Singapore.

Lombardo, a former Singapore-based head of Lendlease Asia, will help set Frasers Property’s investment and capital strategy and support the chief executive on major transactions and expansion.

The hire gives Lombardo a fresh start in familiar territory after a turbulent tenure at Lendlease in which he led a major overhaul of the Australian builder.