- Sold by Colliers, on behalf of Arise Developments.
- Acquired by a Queensland investor, and Westbridge Funds Management.
- The new Whiteman Park station is 300m away.
A convenience retail centre in Perth’s northwestern growth corridor has changed hands for $31.42 million.
Sold by Colliers‘ head of retail middle markets Australia, James Wilson, and Western Australia’s state chief executive, Richard Cash, on behalf of Arise Developments, the property is located at 2 and 3 Marvel Entrance in Brabham.
The brand-new, fully-leased convenience centre is situated 24 kilometres northeast of the Perth CBD, and is positioned 300 metres from the new Whiteman Park station. The centre exhibits a robust tenancy mix with an 89% weighting to blue-chip multinational/chain tenants, including McDonald’s, KFC, 7-Eleven, Autobahn, Subway, Oporto, and EG Fuel.
Brabham Common will form part of the greater Whiteman Edge Town Centre, supported by the nearby brand-new neighbourhood shopping centre that is anchored by a Coles Supermarket and 12 supporting specialties. The precinct’s population growth is being delivered by top tier developers including Mirvac, Stockland, and Peet.
Wilson said the expressions of interest campaign, which closed on 28 March, received over 150 enquiries from local, interstate, and offshore investors.
“The brand-new high-quality nature of convenience retail investment generated competitive bidding, with Colliers able to extract a premium by divesting Lot 2 to a Queensland private investor and Lot 3 to Perth based, Westbridge Funds Management, as opposed to an in one line sale.”
Head of capital transactions at Westbridge Funds Management, Simon Worth, said the asset will be added to the Westbridge Diversified Fund No.4.
“[The fund] aims to provide investors with consistent income and exposure to a portfolio of high-quality commercial assets diversified across sectors.”
“This property offers a secure income profile through blue-chip non-discretionary and service-based retailers. Furthermore, the centre also benefits from its strategic placement in the Whiteman Edge town centre, a rapidly evolving growth corridor in Perth,” added Worth.
Cash added that the high-quality nature of the offering and price point required a very strategic marketing campaign targeted towards West Coast, East Coast and offshore buyer groups.
“The marketing strategy was well received by the retail investment market. The purchasers were comfortable purchasing a retail investment in Western Australia, given the buoyant state economy, projected population growth and the resilient nature of the offering,” added Cash.
