Colliers International appointed to sell neighbourhood centre in Greenfields, south of Perth
The 5,918sqm Woolworths-anchored shopping centre was built in 2016 in Greenfields, a suburb in the coastal City of Mandurah, WA’s second biggest city.
The centre has the largest Woolworths supermarket in the catchment area and Woolworths and BWS occupy 74 per cent of the centre’s gross lettable area.
The 13 specialty tenancies occupy 1,521sqm and most are external facing with direct access to the 296-bay carpark.
Woolworths Mandurah Greenfields Shopping Centre also occupies a prime 19,721sqm site that is close to residential areas, local amenities, complementary retail and is just 2km from Mandurah’s coast.
It will be sold by Colliers International Ben Tana and James Wilson who said the blue-chip lease to ASX-listed Woolworths and a high-profile site in the centre of a regional city, would attract Australian and offshore investors seeking to add a significant WA retail asset to their portfolios.
“With a 12-year lease to Australia’s largest supermarket chain and renewal options, this modern shopping centre—which has 80 per cent of its income secured by national or chain tenants—will hold strong appeal for investors with mandates for WA neighbourhood shopping centres,” Mr Tana said.
“Neighbourhood shopping centres are the most frequently traded retail assets in Australia and so far in 2019, 29 neighbourhood centres valued at $991.93 million have changed hands.”
The centre has a weighted average lease expiry (by income) of more than eight years and Woolworths trades in excess of the moving annual turnover benchmark.
The shopping centre has frontage to three streets and is next to the Peel Education and Training Campus, opposite a Bunnings Warehouse and just 1km from Mandurah train station, the first station on the Mandurah to Perth train line.
Located 70km south of Perth, Mandurah is a vibrant coastal city with a diverse economy and a population of 81,000 which is forecast to grow at 1.8 per cent per annum to 100,430 by 2031.
Expressions of interest for Woolworths Mandurah Greenfields Shopping Centre at 2 Eaglemont Street Greenfields, close on November 14.