With a net lettable area of 5,721 square metres, the centre at 103 Ghost Gun Boulevard features a nine-year WALE and is currently underpinned by 11 specialty tenants, including Terry White Chemist, Plus Fitness and The Coffee Club. 

 

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

 

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At a glance:

• The Banksia Grove Shopping Centre in Perth has been sold to a private investor for $27,282,828.
• Anthony Del Borrello and Richard Cash of CBRE’s Western Australian Retail Investments team negotiated the sale of the asset.
• The centre was bought at a rate of $4,768 per square metre on a passing yield of 5.96 per cent.

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Anthony Del Borrello and Richard Cash of CBRE’s Western Australian Retail Investments team negotiated the sale of the asset, which came after a five-week international expressions of interest campaign.

A private Singapore-based investor bought the centre at a rate of $4,768 per square metre on a passing yield of 5.96 per cent.

 

 

Mr Del Borrello said the transaction demonstrated continued demand from offshore investors interested in well-positioned, quality retail assets anchored by strong national tenants, noting they had been particularly active in the Perth retail space over the past 12 months. 

 

“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,” he said. 

 

“Investors based in South East Asia are drawn to Western Australia due to its geographical proximity and shared time zone, with many of the high-net-worth individuals’ children opting to study in Perth, making it a logical, convenient location to invest in property.”

 

Mr Cash said investors looking to capitalise on the state’s increasing economic stability and attractive investment returns, confidence in the Perth retail market was steady. 

 

“Non-discretionary and service based neighbourhood shopping centres continue to be in high demand due to the insulation from economic fluctuations and impact of online retail sales,” he said.