Seaside retail village changes hands
Templeton Group has sold award-winning Long Bay Village, the retail precinct at the heart of the growing North Shore seaside community.
Designed by Architectus, the village comprises 27 retail tenancies in four buildings representing 3870sq m in total area, with 230 carparks.
Part of a master-planned development, the village is a mixed-use retail hub providing convenience, amenities and a central spot for residents to gather.
Retail outlets include a New World supermarket, medical centre, pharmacy, dental, health, fitness and beauty services as well as a number of cafes, restaurants and bars.
The village has been sold to an undisclosed purchaser for an undisclosed sum.
It opened in 2019 and was acquired by Templeton in December 2019, when it purchased the assets of Todd Property.
Templeton has managed it since then, staging events and establishing the village market.
Templeton is a master-planning and development company which strives to create new and welldesigned communities, and not a fund or long-term investor.
It says the sale puts the village into the hands of a company whose competency is managing and enhancing the centre for a growing community.
“Templeton’s interests are aligned with but complementary to those of the new owners. We develop high-quality residential property, they invest in retail and commercial property in areas of high demand,” said Templeton general manager Nick Hargreaves.
The population of Long Bay is growing significantly, along with the demand for quality local goods and services.
The current catchment is 21,000 residents, with significant growth forecast as Templeton’s other developments in Long Bay – Elementum, Lightbox, Nerita, Kahu and Longshore — come on stream.
“Our interests are mutually supportive. Our planned and consented developments in Long Bay will see another 600-700 houses built over the next few years,” says Hargreaves.
“All those new residents will want to enjoy convenient, quality retail offerings and amenities. That’s great for the village, and for us.
“Our focus is now entirely on developing a range of high-quality, high-density apartments, terraced houses and town houses.”
The village, when fully leased, represents $2 million of net annual income.