New owners for this 5573sq m shopping centre.
Camera IconNew owners for this 5573sq m shopping centre. Credit: Supplied/Supplied

Shopping centre sells for $33 million

Staff ReporterWeekend Kwinana Courier

Charter Hall Retail REIT has bought the seven-year-old 5574sq m centre and 3.1ha expansion site.

Jones Lang LaSalle’s sales and investments manager Sean Flynn said the transaction represented an initial yield of 7.8 per cent on the shopping centre component, plus vacant land at $274 per sq m.

Mr Flynn said the centre generated an estimated fully leased net income of about $1.9 million per annum and featured an attractive 10-year overall weighted average lease expiry, including a secure, 13-year remaining initial lease term on the Woolworths supermarket.

PerthNow Digital Edition.
Your local paper, whenever you want it.

Get in front of tomorrow's news for FREE

Journalism for the curious Australian across politics, business, culture and opinion.

READ NOW

‘We anticipated strong interest in this property and were very pleased by the inquiries, with over 100 requests for information resulting in an exceptional 11 formal expressions of interest,’ Mr Flynn said.