Strengthening appetite for stable, income producing assets has sparked Property Bank Australia and Security Capital Corporation to sell the Shoalwater Shopping Centre in Perth’s southern growth corridor.
Located on a 1.47ha corner site, the Shoalwater Shopping Centre is a prominent neighbourhood shopping centre anchored by a new 15-year lease to SUPA IGA, trading under the ASX-listed Metcash Trading. The property also includes car parking for over 220 vehicles.
CBRE’s Mark Wizel, Lloyd Jenkins and Anthony Del Borrello, in conjunction with Knight Frank’s Andrew Woodley-Page and Todd Schaffer, have been appointed to market the property via an Expressions of Interest campaign.
Mr Wizel said the property’s strong tenancy profile would attract buyer interest from both local, national and offshore groups.
“With an attractive 7.6-year WALE, the Shoalwater Shopping Centre offers an attractive retail investment opportunity underpinned by a number of strong covenants such as Metcash Trading,” Mr Wizel said.
Mr Woodley-Page commented: “Investors have strengthened their focus on secure income producing assets with value add potential in key growth locations, given their security and tenancy diversity.
Located within the wider City of Rockingham area, the property is positioned to captialise on the region’s ongoing development and transformation.
“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,” Mr Woodley-Page said.
In 2016, there were 10 neighbourhood shopping centre transactions with an average yield of 6.56%. Notable transactions included Subiaco Square Shopping Centre and Woolworths Dalyellup.
The Shoalwater Shopping Centre is being offered for sale via Expressions of Interest closing 31st August 2017.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
