- The centres have been owned by a private family since 2011
- Both are anchored by a Coles
- Busselton is benefitting from a 10-year renewal program backed by the federal and state governments
A pair of shopping centres in the two most popular holiday spots in the southwest of WA has been listed for sale for the first time in over a decade.
Margaret River Shopping Centres and Busselton Boulevard Shopping Centres are both Coles-anchored retail hubs.
James Douglas of CBRE and Craig Butler of VPG Property are steering the process on behalf of the private family that has owned the centres since 2011.
The two assets are expected to receive offers of over $40 million, although the vendors will consider individual offers.
“We’re expecting strong interest from a range of investors for these assets,” Mr Douglas said.
“Both assets enjoy dual catchments and retail sale opportunities, with permanent residents as well as a burgeoning tourism influence.
James Douglas, CBRE
“Tightly held and rarely traded, it’s a unique opportunity to own part of Western Australia’s most notable destinations.”
The Margaret River centre occupies a 4,622 sqm Bussell Highway landholding, with a gross leasable area of 2,994 sqm. The Coles is on a lease to 2026, accompanied by four speciality tenancies. The centre also features 224 car parking spaces.
The Busselton centre occupies a 5,757 sqm site and a gross leasable area of 4,797 sqm.
The Coles is complemented by 15 speciality tenancies, with Busselton benefitting from a state-and-federal-government 10-year urban renewal project. This includes a Hilton Hotel which is scheduled to open in 2023.
“VPG Property has managed and leased the assets on behalf of the owners for 10 years, with the centres and locations going from strength to strength,” Mr Butler added.
“We and the centre’s retailers have seen the push to regional living over the past two years, with these two locations offering employment and a great quality of life, all within a few hours’ drive from Perth.”
Craig Butler, VPG Property
Expressions of interest are invited by 23 November.
