- The centre is located in Thornlie, 15 kilometres from the Perth CBD
- Currently anchored by Coles, Woolworths and Aldi
- The third retail centre acquired by Greenpool since 2020
The Forest Lakes Shopping Centre has been sold to Greenpool Capital and Savills Investment Management for $81.5 million.
Located in Thornlie, 15 kilometres from the Perth CBD, the centre has a gross leasable area of 14,577 sqm, a WALE of 8 years across the supermarkets and 42 specialty shops. It is anchored by Woolworths, Coles and Aldi.
Simon Rooney and James Douglas of CBRE managed the off-market sale, which attracted strong interest from both listed and listed institutional capital, along with private investors.
“The interest in Forest Lakes Shopping Centre underlines the strong demand for non-discretionary assets despite rising interest rates,” Mr Rooney said.
“There remains strong capital demand and therefore liquidity for quality retail assets, particularly assets which are tightly held, with Forest Lakes an example of a deep and broad pool of investors having conviction about an opportunity and pursing it.”
Simon Rooney, CBRE
The transaction comes as another Perth triple-supermarket-anchored shopping centre, Southlands Boulevard, recently hit the market as part of a Lendlease portfolio. The portfolio includes Menai Marketplace in Sydney and Settlement City in Port Macquarie, NSW, both of which CBRE handled.
Forest Lakes also represents the third retail acquisition for Greenpool, following North Adelaide Village and Gold Coast’s Runaway Bay Shopping Centre, both of which have been acquired since December 2020.
“Greenpool Capital in collaboration with Savills Investment Management are excited to announce the fully underwritten exchange of contracts on Forest Lakes Shopping Centre,” Brad Osborne, Managing Director of Greenpool Capital, said.
“The centre is 97% occupied, has an MAT of $128.8 million with specialty productivity 14% above benchmark, it trades at a remarkably low specialty occupancy cost.
“Neighbourhood shopping centres continue to prove resilient in a post-pandemic era, offering superior risk adjusted returns for investors. Greenpool is currently preparing an Information Memorandum for the investment opportunity and welcome interest from wholesale investors.”
“The centre occupies a prominent and land-rich site in excess of 6.6 hectares, including additional sundry, retail-permissible zoned land to facilitate various value-add initiatives over time,” Mr Douglas said.
“The supermarkets are exceptional performers, contributing to in excess of $100 million in sales and are complemented by a relatively low provision of specialty shops, performing above industry benchmarks.”
James Douglas, CBRE
Savills Investment Management’s Greg Lapham added: “We look forward to taking ownership of this asset and furthering the asset’s presence as a focal point for the local community by offering a wide range of daily and essential needs.”
