This article is from the Australian Property Journal archive
THE Village Margaret River neighbourhood shopping centre been put up for sale, marking further major retail asset activity in Western Australia.
CBRE’s Anthony Del Borrello and Richard Cash are marketing The Village in conjunction with Ben Tana and Wayne Lawrence of Colliers International, via expressions of interest closing October 11.
It was purpose-built for anchor Woolworths in 2013 and is on a 7,013 sqm site on the corner of Town View Terrace and Wilmott Avenue. The Village is the newest shopping centre in the renowned wine and tourism Margaret River region, some 220 kilometres south of Perth.
Woolworths’ lease runs until 2034 and has four renewal options, and the centre returns a fully leased net income of $1.55 million with a weighted average lease expiry by 11.6 years by income, with potential for growth. Red Dot is the sole mini-major, while specialty stores include Just Jeans, Plus Fitness and BWS.
The 3,800 sqm Woolworths on the centre’s upper level accounts for 67% of its income. It has achieved compound turnover growth of more than 10% per annum since opening, and its lease includes fixed reviews.
The centre has undercroft parking for 204 vehicles.
The offering comes shortly after Vicinity Centres sold off its Flinders Square Shopping Centre, north of Perth’s CBD in Yokine, for $39.5 million to WA-Based property investment group APIL at a 6.1% yield.
Anchored by a full-line Coles and 100% leased, with one mini-major in City Farmers and 18 specialties, the 6,051 sqm centre is on a 2.02-hectare site and returns $2,432,255 per annum net.
In July, an offshore Chinese investor made their first foray into the Perth market with the $19 million acquisition of Kelmscott Plaza in the south-eastern suburbs.
The Woolworths-anchored shopping centre traded at a 6.42% yield, with an 8.18-year WALE, after receiving more than 110 buyer enquiries from local, national and offshore investors.
That same week, Piggott Property Holdings put its Bertram Central shopping centre in Perth’s southern suburbs up for sale with hopes of fetching $22 million.
The 9,196 sqm site on the corner of Champion Drive and Hero Crescent and has three main buildings, anchored by IGA with a 15-year lease, with the two remaining structures including liquor, fast food, medical and gymnasium tenant.
The complex has a fully leased income of $1.425 million per annum, and a weighted average lease expiry of 8.65 years by area.
Australian Property Journal