Manjimup Village has been listed for sale in a move expected to tap strengthening investor demand for regional shopping centre assets.
Located on the South West Highway – the south west’s major thoroughfare –Manjimup Village is anchored by Woolworths on a 20-year lease – contributing to 72% of the centre’s total income. It has a 11.7-year WALE and a fully leased net income of more than $1.1 million per annum.
The centre features a further eight specialty tenants, including an EG petrol station, medical centre and Red Dot retail outlet. A further 2,444sqm of developable land provides scope for future extension, ideally suiting a fast food operator or quick service retail.
CBRE’s Richard Cash and Anthony Del Borrello, conjunctionally with MMJ Real Estate’s Chris Geers and Geoff Jones, have been appointed to steer the International Expressions of Interest Campaign for the centre.
Mr Cash said the property marked the fourth shopping centre to be offered in WA’s South West this year.
“As evidenced in the first six months of this year, investment demand for retail assets between $10 million - $30 million has remained strong – underpinned by the appeal of defensive assets, which are anchored by ASX-listed tenants. With grocery sales up 6.9% during the first quarter in WA, appetite for these types of investments is being fuelled further,” Mr Cash said.
Mr Del Borrello said the centre’s position in one of WA’s major regional towns would underpin investor interest.
“As the largest shire in WA’s south west, Manjimup has a strong and growing local economy – supported by the multimillion-dollar expansion of the Talison Lithium Mine, which is currently undergoing expansion in Greenbushes and also the region’s internationally renowned truffle industry,” Mr Del Borrello said.
Manjimup Village is being offered for sale via International Expressions of Interest closing June 20, 2019.
Located on the South West Highway – the south west’s major thoroughfare –Manjimup Village is anchored by Woolworths on a 20-year lease – contributing to 72% of the centre’s total income. It has a 11.7-year WALE and a fully leased net income of more than $1.1 million per annum.
The centre features a further eight specialty tenants, including an EG petrol station, medical centre and Red Dot retail outlet. A further 2,444sqm of developable land provides scope for future extension, ideally suiting a fast food operator or quick service retail.
CBRE’s Richard Cash and Anthony Del Borrello, conjunctionally with MMJ Real Estate’s Chris Geers and Geoff Jones, have been appointed to steer the International Expressions of Interest Campaign for the centre.
Mr Cash said the property marked the fourth shopping centre to be offered in WA’s South West this year.
“As evidenced in the first six months of this year, investment demand for retail assets between $10 million - $30 million has remained strong – underpinned by the appeal of defensive assets, which are anchored by ASX-listed tenants. With grocery sales up 6.9% during the first quarter in WA, appetite for these types of investments is being fuelled further,” Mr Cash said.
Mr Del Borrello said the centre’s position in one of WA’s major regional towns would underpin investor interest.
“As the largest shire in WA’s south west, Manjimup has a strong and growing local economy – supported by the multimillion-dollar expansion of the Talison Lithium Mine, which is currently undergoing expansion in Greenbushes and also the region’s internationally renowned truffle industry,” Mr Del Borrello said.
Manjimup Village is being offered for sale via International Expressions of Interest closing June 20, 2019.
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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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
