Darling Ridge Shopping Centre offers growth corridor option

A fully leased neighbourhood shopping centre in the fast growing eastern corridor is for sale through Colliers International and Savills.

Darling Ridge Shopping Centre in Swan View is the first neighbourhood shopping centre to head to market this year, and includes a centre anchored by as 1204sq m IGA Supermarket, a Caltex Service Station, 10 specialty retail shops and four ATMs. The site, on Morrison Road, also offers 144 car bays. 

Colliers International Director Retail Investment Services Mark Werrett said interest from investors was expected to be high given how tightly retail centres were held.
“The limited supply of well-established neighbourhood centres, continuing low level of interest rates, and uncertainty of the stock markets throughout the world make Darling Ridge Shopping Centre an attractive retail investment opportunity,” he said. 

“Its non-discretionary income base is underwritten by IGA and Caltex and all leases including the two majors have annual rent review provisions, which will ensure steady growth in asset value.”

The IGA Supermarket is on a 20-year lease, not expiring until 2028, and the total estimated net income exceeds $1.1 million per annum.

Mr Werrett said the shopping centre would have particular appeal to offshore investors in locations such as Singapore, where investors struggled to achieve the kinds of yields seen locally. 

But there would be stiff competition – already he had fielded enquiries from investors including high net worth private West Australian investors and syndicators.
“Perth is being seen in places like Singapore as a safe haven for investment, with a stable economy and secure political system and environment, and the same time zone enabling ease of communication,” he said. 

“We anticipate significant local interest in this asset as well.”

The Darling Ridge Shopping Centre is for sale by expressions of interest closing 16 March, 2016.

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