This article is from the Australian Property Journal archive
THE Riverton Shopping Centre has become just the second neighbourhood centre in Western Australia to change hands in 2024, selling in an off-market deal for $9 million.
The sale, handled by JLL’s Sean Flynn and Nigel Freshwater for a private owner, represented an initial yield of just over 7%.
Fully-leased Riverton has been a local shopping institution for the Riverton, Rossmoyne, and Willetton community for decades, anchored by the strong-performing Riverton Fresh IGA supermarket and supported by nine specialities including Wizard Pharmacy, Firewood Café & Restaurant, Willetton News and a freestanding Muzz Buzz.
“Riverton Shopping Centre’s longstanding stabilised tenant mix reflects the quality of its surrounding retail catchment, which is further illustrated by the fact there hasn’t been a vacancy in the centre for many years,” Flynn said.
Located prominently at the busy intersection of High Road and Herald Avenue in Willetton’s mixed commercial precinct, the centre centre sits on a large 7,551 sqm corner site.
Freshwater said strategically located daily needs convenience retail assets such as Riverton are traditionally tightly held by investors and well-underpinned as land rich investments, and offer strong and stable income streams that are highly coveted in the current market.
The sale follows JLL’s sale of Collie Central Shopping Centre in Western Australia’s south-west for $10 million earlier this month to Queensland-based property syndicate Natgen, on an initial yield of 7.98%.
