Jurien Bay Shopping Centre, 220 km north of the Perth CBD, has been bought by a local private investor for $8,950,000 reflecting an initial yield of 7.04 per cent on net passing income at the time of sale.
The IGA anchored neighbourhood centre includes eight specialty shops on a 5,853sqm high profile corner site with frontage to Indian Ocean Drive and White Street in the heart of the town centre.
The expression of interest campaign closed on 20 November and was spearheaded by RWC WA agents Andrew Woodley-Page and Brett Wilkins on behalf of Perth based syndicate manager Prime Private.
Mr Woodley-Page said the sales campaign was extremely well received in the market, in keeping with outstanding investment fundamentals of the asset.
“We received in excess of 100 enquiries and strong interest at the conclusion of the campaign,” he said.
The campaign highlighted the long WALE, secure income stream and sustainable rents in addition to the rapidly expanding local and tourist populations of the town since the opening of the Indian Ocean Highway, which has been a boon for towns in the lower central coast.
“Enquiry comprised largely WA-based investors with some inquiry from the east coast, as would be expected for a regional asset. WA has the least retail GLA per capita compared to other Australian capital cities, making convenience-based retail assets, such as Jurien Bay Shopping Centre, highly coveted investments,” said Brett Wilkins, RWC WA director of capital markets.
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