Prime retail opportunity in WAs mid-west capital up for grabs
Prime retail opportunity in WA's mid-west capital up for grabs
| 30 September 2020
The Glenfield Shopping Centre in Geraldton has been listed for sale in a move expected to generate significant interest amid strengthening investor demand for neighbourhood shopping centre assets.
Located on Chapman Road in Glenfield – north of Geraldton - Glenfield Shopping Centre is anchored by a strong performing IGA and drive through Cellarbrations liquor store – both on new 10-year leases.
The anchor tenants provide attractive income security, accounting for approximately 70% of the centre’s income, which totals more than $800,000 per annum.
The centre, which is being offered for sale with an 8.2-year WALE, features a further eight specialty tenants, including Optimal Pharmacy and a medical centre. The property also benefits from a site area totalling 9,958sqm – capturing customers from both the local catchment, as well as those passing through the area via the Northwest Coastal Highway.
CBRE’s Richard Cash has been appointed as the exclusive selling agent to steer the International Expressions of Interest Campaign for the centre.
Mr Cash said the sale campaign coincided with an uptick in demand for strong performing retail assets.
“Neighbourhood shopping centres have performed very strongly as an asset class given their predominant food and convenience focus. The resilience of the sector has resulted in pent-up investor demand for well-leased centres in strong established locations,” Mr Cash explained, adding that the centre’s position in one of WA’s major regional areas would underpin investor interest.
“As the capital of WA’s mid-west, Geraldton has a strong and growing local economy, with many families moving to the region for employment opportunities with the benefit of a fantastic coastal lifestyle and the amenity and facilities of a major regional town.”
Glenfield Shopping Centre is being offered for sale via International Expressions of Interest closing October 22, 2020.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.