A LOCAL investor has purchased a local institution as the IGA-anchored Lesmurdie Shopping Centre sold for $4.15M with a passing yield of 6.46 per cent at 241 Lesmurdie Road.
The asset, which came with 893sq m* of building space and a 5,016sq m* land area, also included 2,500sq m* of excess development land.
The property was marketed and sold by Ray White Commercial (WA) Joint Managing Director Stephen Harrison and Senior Property Advisor Brett Wilkins following an expressions of interest campaign.
“This was an incredible opportunity for an astute investor to purchase what really is a genuine neighbourhood icon,” Mr Harrison said.
“This single level centre was constructed in 1970 on the corner of Rooth and Lesmurdie Roads and has been servicing the local residents for over 50 years.
“The property is anchored by an IGA Supermarket, as well as having a strong tenancy mix that includes Guardian Pharmacy and Fisher & Paykel, currently producing $269,000* p.a. income.”
“There’s 2,500sqm* of excess land for future expansion available to add value to the whole site and that was a real drawcard for many,” Mr Wilkins said.
“The centre has a large car parking allocation with 33 car bays and an additional 21 bays on the adjoining parcel of land.
“Lesmurdie is just 19 km* east of the Perth CBD and the property is opposite Brigid’s College playing fields, with the surrounding development comprising modest residential properties.”