JLL and Colliers present Joondalup Gate to market, a premier large format retail centre in Perth's thriving northern suburbs. This strategic asset, for sale via an Expressions of Interest campaign, offers an exceptional combination of prime location, strong financial performance and significant growth potential in one of Australia's fastest-growing regions.

Situated in Edgewater, Western Australia, Joondalup Gate sits just 24km north of Perth CBD and 4km south of Joondalup CBD. The centre has a substantial Gross Lettable Area (GLA) of 24,682sqm and is anchored by leading national retailers including BCF, Dan Murphy's, AMX Superstores, Revo Fitness, Freedom Furniture, and Early Settler.

With an estimated fully leased net income of close to $5.6 million per annum, Joondalup Gate represents a compelling investment opportunity.

The centre features a commanding circa 6.4-hectare site and a circa 725 metre combined frontage to busy Joondalup Drive, cementing its position as the dominant large format retail offering in the retail catchment with the centre’s strategic location also delivering proximity to the Edgewater Train Station and Park & Ride facility.

Sean Flynn, JLL Senior Director, Capital Markets – WA, commented on the investment potential: "Joondalup Gate presents a rare opportunity to acquire a flagship large format retail asset in one of Perth's most dynamic growth corridors. With its strategic position and strong tenant covenant, the centre is primed to capitalise on the projected 1.2% average annual population growth in the trade area through to 2046."

The centre boasts an impressive 98% occupancy, with over 67% of both GLA and income derived from national tenants. This robust and dynamic tenant mix provides investors with a secure and defensive income stream, underpinned by an average tenant tenure of 7.8 years.

Nigel Freshwater, JLL Senior Director, Capital Markets – WA, highlighted one of the property's key attributes: "The centre’s comparatively low average gross occupancy cost of circa $292 per square metre compares very favourably with nearby Joondalup Square which shows around $420 per square metre by the same measure. This key characteristic cements Joondalup Gate as the undisputed large format retail affordability option within the catchment, delivering strong prospects for future rental growth without compromising on profile."

In addition to its strong investment fundamentals, Joondalup Gate offers multiple avenues for value enhancement, including development of the 6,210sqm of surplus land parcel located at the southern end of the site. This undeveloped area presents an exciting opportunity for additional large format retail or long-term future high density mixed-use development, which is supported under the Joondalup Activity Centre Plan.

Richard Cash, Colliers State Chief Executive – WA, provided context on the market conditions: "Western Australia's retail sector continues to outperform the national average, with retail turnover growth of 3.3% year-on-year as of November 2024. This strong performance, combined with forecasts of 1.6% Gross State Product growth in 2025 and an average of 2.1% annually over the following five years, creates a favourable environment for retail property investments in the state."

The large format retail sector in Perth and Western Australia has demonstrated both resilience and growth, with yields surpassing the national average by tightening circa 12.5 basis points in recent quarters, this performance reflects the sector's strength in the region and the broader economic stability of the state’s economy.

Joondalup Gate's total trade area was home to an estimated 450,000 residents in 2024, with projections indicating growth to almost 590,000 by 2046. This population growth is expected to drive an increase in large format retail expenditure from around $1.42 billion in 2024 to $2.86 billion by 2046, representing a robust average annual growth rate of 3.2%.

“The combination of Joondalup Gate's strong existing performance and its potential for long term future redevelopment makes it an unprecedented opportunity for investors looking to secure a flagship large format retail asset in Perth's northern growth corridor,” added Mr Flynn.

Expressions of Interest for Joondalup Gate are invited until 2:00pm (AWST) on Tuesday, 25th March 2025. For more information, please contact the exclusive selling agents.