This article is from the Australian Property Journal archive
PROPERTY Bank Australia and Security Capital Corporation are hoping for a wave of enquiry for their Shoalwater shopping centre in Perth’s south-western growth corridor.
The neighbourhood shopping centre is on a 1.47ha corner site and is anchored by a Supa IGA with a new 15-year lease to ASX-listed Metcash Trading, and has 220 vehicles. It is being offered with a 7.6-year WALE.
The vendors will be hoping to capitalise on the asset’s secure lease terms, as retail investors become more discerning about property fundamentals as lending conditions tighten.
CBRE’s Mark Wizel, Lloyd Jenkins and Anthony Del Borrello are marketing the property in conjunction with Andrew Woodley-Page and Todd Schaffer of Knight Frank via expressions of interest closing August 31st.
Woodley-Page said investors had strengthened their focus on secure income producing assets with value add potential in key growth locations, given their security and tenancy diversity.
“The Rockingham Beach Foreshore redevelopment will continue to drive growth in the region over the coming years, cementing its position as a sought-after destination for residents and visitors – further propelling the area’s retail and commercial industries,” he said.
Wizel said the property would attract interest from local, national and offshore groups.
Last year saw 10 neighbourhood shopping centre transactions with an average yield of 6.56%, including Subiaco Square Shopping Centre and Woolworths Dalyellup.
Australian Property Journal
