Western Australia’s Halls Head Central shopping centre changes hands

The Halls Head Central shopping centre in Western Australia’s Mandurah has sold for $70 million.

Located 4km south-west of Mandurah and 67km south of the Perth CBD, the 19,373sqm food, service and convenience-based centre is securely anchored by Coles, ALDI and Kmart, representing, alongside two mini majors, 50 specialty shops and two freestanding pad sites.

CBRE’s Simon Rooney and James Douglas managed the off-market sale campaign on behalf of the vendors Vicinity Centres and ISPT.

The acquisition will underpin a single-asset, closed-ended wholesale fund managed by Centuria Capital Group.

“The transaction demonstrates continued demand, particularly by private capital for sub-regional assets with a focus on non-discretionary spending, particularly those which offer strategic value-add opportunities,” Mr Rooney said.

“In the case of Halls Head, the asset’s location at the core of the Halls Head activity centre, significant capital investment works completed in 2016, together with future strategic value-add potential, were key investor draw cards.”

Mr Rooney noted that the centre occupied a significant and under-utilised site of 93,136sqm, including circa 10,000sqm of adjoining vacant land, providing the opportunity for future mixed-use, value-add development schemes subject to the relevant planning approvals given the current low 22% site coverage.

Centuria’s acquisition adds to its existing WA retail platform, following other recent acquisitions including Busselton Boulevard Shopping Centre and Margaret River Shopping Centre.

Western Australia continues to gain traction as a key retail investment destination, with total transaction levels reaching $923 million in 2023 to date, $737 million of which CBRE was directly responsible for.

Recent Western Australia transactions by CBRE include Midland Gate for $465 million, Rockingham Shopping Centre for $180 million, Dianella Plaza for $76.25 million and Southlands Boulevard for $92.5 million.

Halls Head is situated on the Old Coast Road, linking to Mandurah Road - the main north-south arterial route along the coast - Halls Head Central offers easy access from a local and regional context via proximity to the Kwinana Freeway.