shoalwater shopping centre rockingham for sale
This neighbourhood shopping centre in Rockingham has come to market. Image: Supplied.
  • Shopping centre sits on a 1.47 hectare site and has a 6.3 year WALE
  • Perth office acquired for $12M
  • Brisbane office acquisition located in Brisbane Technology Park

A Rockingham shopping centre has come to market, anchored by Supa IGA, and a Perth office has been acquired by Arcana Capital as the company purchases two offices across Perth and Brisbane for a combined $25.55 million.

Shoalwater Shopping Centre

The Rockingham property will be going via an expression of interest campaign managed by CBRE’s Chloe Mason and Aaron Desange.

Mustera Property Group are set to sell the centre, which is positioned on a 1.47 hectare site and has a 6.3 year WALE with three quarters of the income derived from four tenants.

Anchored by Supa IGA, trading under the ASX-listed Metcash Trading, the store has options until 2040. Shoalwater Shopping Centre is also underpinned by three mini-majors, a medical centre, tavern, bottlemart, 13 specialty tenants, and a new service station.

“This asset is an appealing and secure investment underpinned by strong covenants such as Metcash Trading,” Mason said.

“Neighbourhood shopping centres that offer a complementary mix focusing on daily needs have performed exceptionally well – the resilience of the sector has resulted in continued investor appetite for this asset class, as evidenced by the recent transaction of Como Shopping Centre which attracted over 150 enquiries and 13 bids.”

The service station, which is due for completion end of April 2023, will be backed by a 12-year lease to Petro Fuels, a local West Australia operator with 18 stations in the state.

Desange added, “The landholding adds a further layer of value and will likely result in interest from a range of buyers group. Further expansion opportunities exist for an incoming purchaser, through the potential development of childcare, the expansion of medical uses catering to the aging population, or the addition of a fast-food outlet.”

Arcana capital acquisitions

The commercial property investor and funds manager has acquired offices in Brisbane and Perth.

Arcana’s Brisbane acquisition is located at 35 Miles Platting Road, Eight Mile Plains, acquired for $13.55 million. The Perth acquisition was made for $12 million and is located at 190 Stirling Street.

The 190 Stirling Street property is a modern commercial office with an anchoring lease to the WA Department of Communities (Child Protection and Family Support).

The Brisbane acquisition is located in the Brisbane Technology Park, and anchored by major national fuel and convenience retailer 7-Eleven, international solar giant Risen Energy, and growing multi-disciplinary NDIS operator Pepper Kids Therapy.

Colby Phillis, Manager, Investor Relations at Arcana Capital, said that the blend of geographic diversity, multiple high-quality tenants, and CBD proximity marks an exceptionally well-balanced risk profile.

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