Baron Vanilla sells Perth retail centre
Baron Vanilla Management has sold its Lifestyle Zone Ocean Keys large-format retail complex in Perth’s north.
The 3.23 hectare complex at 61 Key Largo Drive, Clarkson, collected $50.25 million – a seven per cent yield.
With 14,004 square metres, tenants include Bridgestone, Club Lime, Dave & Buster, Petbarn, the Salvation Army and Supercheap Auto.
The weighted average lease expiry is 5.3 years.
National and multi-site retailers account for 77pc of gross income.
There was scope for rental growth through existing lease structures and scope to reposition the tenancy mix, according to the agents, CBRE’s Lachlan Andrew, Chloe Mason, James Douglas and Beau Coulter (continues below).
Northern coastal corridor
Baron Vanilla Management paid $35.5 million for the asset in November, 2021, through the BV Lifestyle Zone Trust.
The asset sits within Clarkson’s retail precinct, which includes at 35-36 Ocean Keys Blvd the Dexus-owned Ocean Keys Shopping Centre, with 120 stores, a Bunnings Mindarie and Woolworths.
The properties serve Perth’s northern coastal corridor, about 35 kilometres from the CBD.
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