Trinity Village shopping centre in Perth sells for $34 million

Trinity Village shopping centre in Perth sells for $34 million
Trinity Village shopping centre in Perth sells for $34 million

Trinity Village shopping centre in Perth’s north western suburb of Alkimos has sold for $34.05 million.

The neighbourhood shopping centre has a net lettable area of 6,081 square metres and is anchored by Coles on a long 15-year lease.

There are also 16 specialty tenants, including a Shell service station, medical centre and childcare centre.  

Trinity Village was sold at a rate of $5,599 per square metre at a 5.84% yield to a private local investor.

The architecturally designed centre was completed in 2018 and was sold by a syndicate of developers. 

Trinity Village shopping centre in Perth sells for  million

CBRE’s Richard Cash and Anthony Del Borrello of its Western Australian Retail Investments team negotiated the sale. 

Del Borrello said that after a five-week International Expressions of Interest Campaign, the property had garnered 86 enquiries and seven offers from a mix of local and east coast investors and offshore groups.  

“Insulation from economic fluctuations and the impact of online retail sales has also contributed to high demand for non-discretionary and service based neighbourhood shopping centres,” he said.

Cash said that this was the sixth neighbourhood shopping centre sale in WA in 2019, with a total transaction volume of over $100 million.  

“In the face of negative sentiments surrounding the retail investment market, we have already seen three transactions and $45 million more than this time last year and the average yield has tightened to 6.19%,” Cash said.

Tags: 
Shopping Centre Alkimos

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