Rare opportunity in Perth to buy major shopping centre

The newly renovated Midland Gate Shopping Centre is up for sale.
The newly renovated Midland Gate Shopping Centre is up for sale.

NEWLY renovated Midland Gate Shopping Centre is on the market with reports it could fetch $650 million.

The largest regional shopping centre in Perth’s east, Vicinity Centre opened the second stage of the shopping centre’s $100 million redevelopment in November.

The redevelopment and expansion included the introduction of national brands Aldi, Harris Scarfe, JB Hi-Fi, Rebel Sport, a new fresh food precinct anchored by an upgraded Coles supermarket, a food court and a refurbished Kmart store.

JLL’s Australasian Head of Retail Investments Simon Rooney has been appointed to sell a 100 per cent freehold interest together with management rights to the centre.

“Midland Gate Shopping Centre is the dominant regional centre in Perth’s eastern suburbs, with a total gross lettable area of over 68,600 square metres, strategically positioned at the gateway to Perth’s burgeoning northern growth corridor,” he said.

“While retail investors are selective, high quality, core regional shopping centres with management rights are a highly unique offering and keenly sought, particularly those that sit in strategic population growth corridors, within the tightly held Perth market.

“Regional shopping centres in Perth are rarely traded, given their high rate of sales productivity relative to similar assets in other states.”

Mr Rooney said there have been only three comparable transactions over $300m in the past decade.

The last individual regional centre to transact in WA was a one-third share in Karrinyup Shopping Centre in 2013, which UniSuper acquired from Westfield for $246.7m.

International expressions of interest to purchase Midland Gate close on Thursday, June 13 2019.