This article is from the Australian Property Journal archive
A PRIME sub-regional shopping centre in Perth’s northern suburbs with future development potential is being offered for sale.
Savills WA Miles Rowe and Paul Craig has been exclusively appointed to sell the Dianella Shopping Centre, just 6kms from the Perth CBD.
The well-established centre has a total gross lettable area of 16,758 sqm on a total site area of 7.29 hectares and is anchored by a Woolworths and IGA supermarkets as well as 52 specialty tenancies and four kiosks/ATMs.
There are also three additional pad site tenancies and a service station which form part of the property and car parking for some 1,180 vehicles.
The centre also features a former tavern complex on a large 1.77 hectare site, with prime high exposure corner frontage. This separately titled land holding presents a prime redevelopment opportunity.
The centre has an estimated net income of approximately $4,500,000 per annum.
Rowe said the property represents a blue-chip retail investment opportunity in Perth’s affluent northern suburbs and the investment appeal is bolstered by the potential for further development on the site’s excess commercial land.
“This property presents the ideal asset size for a WA sub regional shopping centre and is strategically positioned in Perth’s popular northern suburbs.
“An adjoining site has been purchased by prominent local developer Finbar with a DA lodged for around 100 apartments. The fully-leased centre features a strong retail mix of two supermarkets, a mini-major and a diverse range of specialty tenants, many of whom are prominent national chains,” he added.
“Given the prime positioning of the centre and strong tenancy profile, as well as the unique opportunity for further development potential, we are confident the property will attract significant investor attention,” Rowe concluded.
Australian Property Journal