Shopping centres in Brisbane and Perth have sold to investors, as more and more consumers return to brick-and-mortar retail.
Westpoint Shopping Centre, 20km outside Brisbane’s CBD, has been bought for $46.5 million by Horwell Property Investments, a family development group.
The centre is anchored by Woolworths, who hold a 20-year lease.
“The high-performing Woolworths is extremely close to achieving turnover rent, with the property also offering significant development upside given the low site coverage and there is already a DA approved for a 432sqm proposed tenancy,” said CBRE’s Joe Tynan, who brokered the deal.
Further west, IP Generation has acquired a 50 per cent stake in Rockingham Centre, 47km from Perth’s CBD.
The centre is anchored by Coles, Woolworths, Kmart, Target, and Ace Cinemas and comes with development potential for an adjoining 42,000 square metre vacant block.
The sale represents “renewed demand for quality, sub-regional and regional assets with a focus on non-discretionary spending”, according to CBRE’s Simon Rooney, who brokered the sale.
