An IGA-backed retail investment 10 kilometres north of Geraldton – the town marketed as the capital of Western Australia’s Mid West – has sold for $10.4 million.
Glenfield Shopping Centre at 582 Chapman Road is selling on an 8.6 per cent net market yield.
It is designed with the supermarket and Cellarbrations – both Metcash brands; that tenant signed a 10-year lease prior to it being listed.
The complex also has eight specialty tenancies, including ones rented to a pharmacy and medical centre.
The asset’s Weighted Average Lease Expiry is 8.2 years (story continues below).
The 9958 square metre parcel, at the north west corner of Chapman Valley Rd, two blocks from the North West Coastal Highway, and twice that distance to Sunset Beach, could contain more area.
“Negotiations were conducted throughout a very challenging period in Australia due to COVID-19, with restrictions and regulations changing at a rapid rate,” CBRE selling agent Richard Cash said.
“The contract negotiation took patience and tenacity, resulting in a fantastic outcome”.
Glenfield is about 430 kilometres north of Perth.