The newly developed Woolworths Clarkson Shopping Centre in Western Australia has been sold to ISPT Retail Australia Property Trust.
The 6,466sq m neighbourhood shopping centre is home to a 4,207sq m Woolworths supermarket, which secures 65 per cent of the gross lettable area (GLA) and 58 per cent of gross income.
It also leases to other big brands including The Reject Shop and Revo Fitness, as well as to a pharmacy, a kiosk and five other specialty tenants. The shopping centre benefits from a long weighted average lease expiry of 8.78 years by GLA and 8.14 years by income.
“The campaign generated over 135 inquiries, resulting in $170M of unsatisfied capital,” said Richard Cash, state CEO for WA at Colliers, which brokered the sale “Historically, Perth’s neighbourhood shopping centres have been dominated by local private investors and funds. However, this sale highlights growing competition from Eastern Seaboard capital.”
