primewest-coles-byford-village-shopping-centre-feature
Image: Supplied.
  • Located at 20 Abernethy Road, Byford
  • Anchored by Coles
  • WALE 9.4 years

Primewest, now part of Centuria, has acquired Byford Village Shopping Centre and an adjoining vacant site for $33.75 million. The transaction was completed on behalf of Primewest’s Matrix Trust, a pure-play daily needs retail trust.

Located at 20 Abernethy Road, Byford, in Perth, the shopping centre is anchored by Coles, and is three years old. The property was secured on a sale-and-leaseback agreement.

Byford Village Shopping Centre also includes eleven specialty stores including Priceline Pharmacy and The Coffee Club.

Prior to the shopping centre’s development, Primewest held the strategic Byford site for a decade before divesting the land to the Coles Group. Since then, the Byford area has undergone significant transformation and its population growth is expected to rapidly rise further.

Primewest also anticipated the area to soon benefit from the Byford railway extension.

The acquisition adds to the already quarter-billion-dollar Matrix Trust portfolio ($254 million), which currently includes the Spring Farm Shopping Centre in southwest Sydney; two western Sydney, Woolworths-anchored centres, Pemulwuy Marketplace and West Ryde Marketplace; and Melbourne Square, Southbank.

The five-asset portfolio provides a Weighted Average Lease Expiry (WALE) of 9.4 years.

Primewest’s Group DNR portfolio is valued at $1.3 billion, complemented by a further $1.3 billion Large Format Retail (LFR) portfolio.

In other news, Centuria Capital Group and Centuria Office REIT have purchased offices up and down the east coast for more than a combined $300 million.

Centuria Capital Group (ASX: CNI) acquired an A-grade Port Adelaide office building for $62.75 million, and Centuria Office REIT (ASX: COF) acquired two offices in key near-city and metropolitan Melbourne and Sydney markets for a combined $273.1 million.

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