Adelaide asset managers trade Perth shopping centre
Harmony Property Investments, the capital partner of MRS Property, has bought a modern shopping centre in a Peet housing estate north of Perth.
The Woolworths-anchored Carramar Village cost $32.15 million following an expressions of interest campaign launched last year.
FRP Capital was the seller.
It acquired the complex from Arthur Marshall’s Canute Global Investments in mid-2020, as most of the country exited lockdown.
It is the second Perth shopping centre Harmony has just bought.
The other is Trinity Village at 1 Santorini Promenade, Alkimos.
Anchored to Coles with a medical complex, childcare centre, gym and service station, it cost $33.074m.
Both properties are earmarked for the Harmony Neighbourhood Retail Fund.
Colliers’ Richard Cash and James Wilson brokered the deals (continues below).
Carramar Village
On 2.08 hectares with 332 car parks at 7 Cheriton Drive, also exposed to busy Joondalup Drive, Carramar Village opened in 2009.
The Woolworths tenancy spans 3227 sqm. With 15 specialty stores and a kiosk, the lettable area totals 5337 sqm.
Part of the site is permitted for a childcare centre and gym.
“The campaign generated exceptional market engagement, attracting more than 200 enquiries and resulting in 48 groups accessing the data room with nine formal offers received from a diverse range of private investors, syndicates and investment groups seeking exposure to Western Australia’s retail sector,” the agents said.
“The result highlights the depth of demand for quality retail assets in Western Australia as investors continue to be drawn to the state’s strong economic fundamentals and population growth, with strategically located neighbourhood centres attracting significant interest from both domestic and offshore capital,” they added.
Carramar is about 28 kilometres from the CBD.
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