Australian Unity sells mall after 12 years
Locus Property Group and Security Capital Australia have snapped up a neighbourhood shopping centre at Woodvale, north of Perth, for $36.5 million.
Woodvale Boulevard Shopping Cenre at 931 Whitfords Avenue was offloaded by Australian Unity, which held it in the Diversified Property Fund, which has this year been a takeover target.
Woolworths is the anchor.
There are also 19 specialty tenants leased to over two dozen businesses – the bulk, essential services, according to the sales agents.
The weighted average lease expiry is 4.5 years.
Woodvale Boulevard Shopping Centre
On 2.27 hectares at the north west corner of Tappers Drive, Woodvale Boulevard Shopping Centre is near the Woodvale Public Library and Timbercrest Park (story continues below).
The catchment is affluent – with an average household income of $121,446 – 6.2pc over the state number.
“Woodvale Boulevard Shopping Centre presented the first opportunity in 12 years to acquire the dominate neighbourhood centre in the affluent northern Perth corridor,” Nick Willis, who represented AU with Sam Hatcher, Nigel Freshwater and Sean Flynn, said.
“The highly publicised on-market campaign received significant interest with…eight formal offers,” he added.
Woodvale is 19 kilometres from the CBD.
Locus is Subiaco based while Security Capital Australia, a syndicator, is headquartered in West Perth.
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