Wattle Grove Shopping Centre is the latest in a string of WA retail assets to be sold in 2019.

The 3013 square metre centre was acquired by Mair Property Funds for $16.3 million, reflecting a yield of 6.25%. 

The sales campaign was managed by CBRE's Richard Cash and Anthony Del Borello, in conjunction with Knight Frank's Todd Schaffer, on behalf of WA developer Devwest.

Mr Del Borello said Aldi-anchored shopping centres like Wattle Grove were proving popular among investors.

“Neighbourhood shopping centres, particularly those anchored by international retailers such as Aldi, continue to be highly sought after by investors due to the heavy reliance on non-discretionary spend and insulation from online sales,” he said. 

It is the fifth sale of its kind to be conducted within the state so far this year, pushing the WA 2019 retail investment total past $60 million.

Mr Cash said CBRE expected the market to maintain its early momentum throughout the year. 

“We expect to see yields for A-grade supermarkets and neighbourhood shopping centres continue to strengthen throughout 2019, fuelled by an influx of new buyers locally, nationally and globally entering the WA market," he said. 

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