Buyers snap up regional retail spaces as market rebounds

Buyers have begun to snap up regional retail spaces in Western Australia, including two former HBF offices in Albany and Bunbury, as the real estate market in the state’s regional cities rebounds.

The sale of the two commercial sites totalled more than $1 million, with a third significantly larger former HBF office in Kalgoorlie also currently under contract.

Ray White Commercial WA salesperson Michael Milne said the commercial and residential markets in regional WA were going strong.

“The commercial and residential property markets in Western Australia’s major regional cities have rebounded strongly throughout 2021, as inbound investment capital from across Australia competes with local buyers,” Mr Milne said.

“Increased confidence in WA’s regional markets is seeing local retailers snapping up boutique sized freehold commercial properties, taking advantage of the low cost of funds, often cheaper than rents.

“The buyer profile for larger properties and projects in regional areas are typically investor groups from major capital cities recognising high value opportunities.

“Prices rebounded during the last quarter of 2020 and have further firmed strongly throughout 2021.”

The 557sqm site located at 19-21 Albany Highway, Albany (pictured above) was a boutique sized freehold property in the heart of Albany city centre.

“The property has a charming street front presence with a character cantilever awning and a modern fit out,” Mr Milne said.

“It has been owned by HBF since April 17, 1978, and was bought by a local owner occupier for his thriving local hair salon.

“HBF has now relocated to the Albany Plaza shopping centre.”

Mr Milne said HBF had owned the 150sqm retail building located at 12 Arthur Street, Bunbury, since May 2, 1979, and it had been sold to a local retail business owner.

He said HBF Bunbury had moved to Primewest Bunbury Centrepoint.

The 1,466sqm building in Kalgoorlie is located in the heart of the regional centre opposite the new Coles and Kmart buildings, and is currently under contract.

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