JLL’s Sean Flynn and Nigel Freshwater in conjunction with Jim Tsagalis of Lease Equity have announced the sale and settlement of Collie Central Shopping Centre in WA on behalf of Queensland-based vendor Innprop Developments.  

Collie Central achieved a sale price of $10 million which represents an initial yield of 7.98%. The centre is Collie’s only enclosed-mall neighbourhood retail offering and features 4,498sqm of GLAR with an expansive 1.16ha landholding.

The opportunity to acquire this retail asset located in the heart of a dynamic regional area was ultimately accepted by experienced Queensland based property syndicator Natgen.

The centre is strategically located in the town centre and surrounded by attractive amenity including Collie Central Park, Collie Senior High School and Collie South Regional TAFE.  It is anchored by a full-line Woolworths supermarket which has been trading for over 20 years.

Its seven specialty tenants include national retailers Liquorland, OPSM, Terry White Pharmacy, and the State Government.

Collie Central is the only shopping centre for over 45 km, leading to repeat visitation from local residents, the surrounding farming community, and tourists.  The Centre’s convenience is supported by 140 on-site car bays as well as 30 adjacent roadside bays.

JLL Senior Director, Capital Markets Transactions Mr Flynn said, “The relatively affordable price point and attractive initial yield proposition together with Collie Central’s longstanding and stable tenant mix anchored by a strong performing Woolworths supermarket were all factors which appealed to the buyer audience.”

JLL Senior Director, Capital Markets Transactions Mr Freshwater said, “the sale follows a competitive public Expressions of Interest campaign which was closed late in November 2023 and generated over 110 enquiries and more than a handful of bids between both agents.”

“Opportunities to acquire a key neighbourhood retail asset anchored by one of the two majors rarely come to market. This scarcity factor coupled with the inevitable strong interest for convenience retail investments generally combined to generate a highly competitive process,” added Mr Freshwater.

Lease Equity Managing Director, Mr Tsagalis said: “We are very pleased to have achieved this strong result on behalf of Innprop Developments, supported by Collie’s booming residential market, substantial government investment in industry and infrastructure, as well as being a tourism hot spot.”

“Innprop is also one of our valued and long-standing management clients, and we’re very pleased to have now been entrusted to manage the centre on behalf of the buyer, Natgen,” added Mr Tsagalis.

Related Reading:

Centuria acquires c.$70m Sub regional Shopping Centre - CBRE | Commo.

Looming undersupply for Western Australia’s retail market - CBRE | Commo.

Busselton Boulevard Shopping Centre sold Centuria by CBRE & VPG | Commo.

Coles Anchored Whiteman Edge Village Brabham WA sold $39m by JLL  | Commo.

Perth’s Midland Gate Regional Shopping Centre Transacts at $465 million - CBRE & Colliers  | Commo.