Perth, 9 May 2013- Brian Sullivan Property has acquired one of the most significant bulky good centres in Perth’s southern metropolitan region for $14 million.
The Rockingham Superstore located at 3-9 Enterprise Way is anchored by national tenants The Good Guys, Fantastic Furniture and BCF Australia, as well as several other smaller retailers. The centre is situated on 24,200sqm and comprises 11,608sqm of bulky goods space.
CBRE’s Andrew Woodley-Page and Richard Cash marketed the property on behalf of vendor KordaMentha via an Offers to Purchase campaign.
Mr Woodley-Page said the centre’s prominence as a shopping facility in one of Perth’s fastest growing regions was a driving factor behind the sale.
“This centre presented a unique opportunity to invest in a major bulky goods centre in a prime location, and the new owner recognised this,” Mr Woodley-Page said.
“The buyer was also attracted to the strong tenant covenants, with the majority of the centre leased to national brand retailers.”
The Superstore has an estimated fully leased net income of circa $1.8 million annually, with the three major tenants accounting for 68% of the gross income.
Constructed in 2004, the facility boasts an estimated 238 on-site car spaces and is 94% leased, with half of the existing tenants locked in for more than five years.
Mr Cash said the new owner would benefit from Rockingham catchment’s rapidly expanding population, which is expected to reach 57,000 over the next few years.
“Rockingham Superstore is ideally positioned take advantage of Perth’s strong economic and population growth,” Mr Cash said.
The property will benefit from the Rockingham Strategic Regional Centre Plan – an initiative that aims to establish a sophisticated coastal activity centre in the region, servicing 275,000 people.
Mr Cash said the new owner could also take advantage of significant potential depreciation benefits.
The centre is located less than two kilometres north of the Rockingham Town Centre and 40 kilometres south of the Perth CBD.
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