Perth, 20 August 2014- Carine Glades Shopping Centre in Perth has sold for $24.25 million in one of the most significant neighbourhood shopping centre transactions of the year.
The 3,052 sqm neighbourhood centre, located in the heart of the northern suburbs on the corner of Beach Road and Davallia Road in Duncraig, is considered among the northern suburbs most successful shopping precincts.
The property has been acquired by a syndicate managed by Peter Hughes’ Australasian Property Investments Limited (APIL) who raised the equity for the acquisition within days of the offering being put to investors.
Mr Hughes said; “We are delighted with this acquisition and Carine Glades Shopping Centre typifies the outstanding investment fundamentals demonstrated by well-located neighbourhood shopping centres in Perth’s core residential areas.“
APIL has bought Carine Glades shopping centre on the back of successfully acquiring ‘Charter Grove’, an 18,100 sqm office tower in St Leonards, NSW for nearly $100 million. “Carine Glades represents APIL’s 19th property investment trust, bringing the total value of property acquisitions to more than $600 million.”
The deal was brokered off-market by CBRE Director Andrew Woodley-Page. Mr Woodley-Page said the transaction is the result of a number of years of dialogue between buyer and seller and has culminated with the seller timing his exit from the market with his retirement.
“The seller, an undisclosed private investor with considerable high level experience as a retail executive, bought the property in the mid-1980’s and has used his expertise and experience over the years to keep this asset performing to market leading standards,” Mr Woodley-Page said.
“It’s essentially been ‘his baby’ for two and a half decades which shows in the excellent performance of the centre. I’m very pleased with the result achieved for my client and I’m also thrilled to have provided an excellent investment opportunity to APIL as neighbourhood shopping centres continue to be highly coveted investments.”
For Australian/international news or global stories, follow us on Twitter.About CBRE Group, Inc.
