Shoalwater Shopping Centre with new service station listed for sale

ASX-listed Mustera Property Group are set to sell the Shoalwater Shopping Centre within Perth’s city, Rockingham. 

 Positioned on a 1.47ha site, the neighbourhood centre has a 6.3 year WALE with 75% of the asset’s income derived from four tenants.

The centre is anchored by Supa IGA, trading under the ASX-listed Metcash Trading with options until 2040, and is underpinned by three mini-majors, a brand-new service station, Petro Fuels, the Shoalwater Medical Centre and the George ‘N’ Dragon Tavern & Bottlemart.

CBRE’s Chloe Mason and Aaron Desange are managing the sale via an Expression of Interest Campaign, closing May 10, 2023. 

"This asset is an appealing and secure investment underpinned by strong covenants such as Metcash Trading,” Ms Mason said. 

“Neighbourhood shopping centres that offer a complementary mix focusing on daily needs have performed exceptionally well – the resilience of the sector has resulted in continued investor appetite for this asset class, as evidenced by the recent transaction of Como Shopping Centre which attracted over 150 enquiries and 13 bids.” 

The centre is complemented by 13 specialty tenants including Pharmacy 777, which has been named National Guild Pharmacy 2023.

The service station, which is due for completion end of April 2023, will be backed by a 12-year lease to Petro Fuels, a local West Australia operator with 18 stations in the state.

Mr Desange added, “The landholding adds a further layer of value and will likely result in interest from a range of buyers group. Further expansion opportunities exist for an incoming purchaser, through the potential development of childcare, the expansion of medical uses catering to the aging population, or the addition of a fast-food outlet.”