Perron Group has sold The Square Mirrabooka after 32 years.
The $195 million deal is with Melbourne-based Fawkner Properties, which intends to hold it as the seventh asset in its Essential Services Trust 18.
On 13.6 hectares at 43 Yirrigan Drive, Mirrabooka, about 13 kilometres north of the CBD, the investment was developed in 1978.
It contains 42,800 square metres of area anchored by Big W, Coles, Kmart and Woolworths.
Mini-majors include Aldi and Chemist Warehouse (story continues below).
There are also three pod sites – occupied by Chicken Treat, KFC and Hungry Jack’s – a Sonic Healthcare backed medical centre, over 100 specialty fit-outs and 2100 car parks.
Colliers’ Lachlan MacGillivray struck the sale on a passing 6.97 per cent yield.
Fawkner Property director Owen Lennie said “in a market that is still trying to find an equilibrium between the COVID winners and losers, we are delighted to acquire such a prominent and high-performing centre that is heavily weighted to essential services tenants”.
The deal comes a week since Charter Hall, for its Retail REIT, paid Woolworths $51.2m for Butler Central – about 35km north west of Mirrabooka.