The landmark property at 20 Riley Street, also known as 156-158 Henry Street, sold under the hammer on Monday 11 May, following a highly competitive auction campaign that underscored the continued strength of investor demand for quality retail assets across Western Sydney.
The campaign generated more than 90 enquiries, 18 contracts issued and four registered bidders, highlighting strong appetite for securely leased investments with prime main street positioning and long-term income security.
The prominent freehold asset is fully leased to St.George Bank and York Jewellers, delivering a net annual income of approximately $448,072 with fixed annual rental increases and long lease profiles in place.
RWC Western Sydney managing director Peter Vines said the result demonstrated the resilience of premium retail investments in key Western Sydney growth corridors.
“This was an exceptional result for a tightly held Penrith CBD asset and reinforces the depth of demand we’re continuing to see for quality investments with secure income streams,” Mr Vines said.
“The combination of a major banking tenant, a long-standing local business committing to a purpose-built flagship store and an irreplaceable corner position opposite Westfield created a compelling opportunity for investors.”
Director Victor Sheu said the level of buyer engagement throughout the campaign reflected confidence in Penrith’s ongoing transformation and the scarcity of quality main street opportunities.
“We saw strong competition from investors who recognised both the immediate income security and the long-term strategic value of the site,” Mr Sheu said.
“Assets of this calibre rarely come to market in Penrith CBD, particularly with dual street frontage, significant exposure and established tenants already in place.”
Fellow director Joseph Assaf said broader economic and infrastructure drivers continued to support sustained investor confidence across the region.
“Penrith remains one of the most closely watched growth markets in Western Sydney, supported by major infrastructure investment, population growth and connectivity to the future Western Sydney International Airport and Aerotropolis,” Mr Assaf said.
“The strength of this result demonstrates that investors are actively seeking well-positioned assets in high-growth precincts where they can secure both stable returns and future upside.”
The 904.5sqm corner site occupies a highly strategic location directly opposite Westfield Penrith and approximately 200 metres from the Penrith train and bus interchange. The property also benefits from E2 Commercial Centre zoning and a 20-metre height limit, providing future development flexibility in addition to its secure holding income.
York Jewellers’ commitment to a new flagship store on Henry Street after nearly 35 years at Westfield Penrith was a defining feature of the campaign, symbolising growing confidence in the evolving Penrith CBD retail landscape.
RWC Western Sydney said quality retail investments continued to outperform despite changing market conditions, with strong demand from buyers seeking secure, long-term income opportunities in key metropolitan growth areas.
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