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. 

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.