Private offshore investor buys $27 million Perth shopping centre

Woolworths has divested its self-anchored Banskia Grove shopping centre in Perth’s north eastern growth hub for over $27 million to an offshore private investor. 

Comprised of a net lettable area of 5,721 sqm, the centre at 103 Ghost Gum Boulevard features a nine-year WALE.

It is currently underpinned by 11 specialty tenants, including Terry White Chemist, Plus Fitness and The Coffee Club.  

Woolworths will continue to occupy 3,850 sqm on a 12-year lease with 10 additional five-year options, allowing the lease to run until 2081.  

Anthony Del Borrello and Richard Cash of CBRE’s Western Australian Retail Investments team negotiated the sale of the newly constructed neighbourhood shopping centre. 

Following a five-week international Expressions of Interest campaign, the complex sold to a private Singapore-based investor for $4,768 per square metre on a passing yield of 5.96%. 

The campaign attracted strong enquiry, with the team fielding over 90 enquiries and seven offers. 

Mr Del Borrello commented that this transaction demonstrated continued demand from offshore investors interested in well-positioned, quality retail assets anchored by strong national tenants.

“In this time, over $70 million worth of retail assets have transacted, including Kelmscott Plaza at $19 million and Coles Vasse, which sold for $19.6 million – both properties were acquired by private Asia-based investors,” Mr Del Borrello said.