Primewest lists $200m shopping centre portfolio

On 8416 square metres, the Dernacourt asset was renovated before Primewest purchased it.

Primewest has listed four neighbourhood shopping centres and Tyne Square, in the Perth CBD, on behalf of a matured fund.

The properties are expected to trade for a total of c$200 million.

K-Mart is an anchor at Port Douglas’ Port Village.

Assets are for sale individually – though the agents expect some buyers would be looking to take the lot and gain “an immediate and diversified” retail portfolio.

Primewest, established in Perth 27 years ago by John Bond, Jim Litis and David Schwartz, merged with Centuria last September.

The Australian Neighbourhood Portfolio

Being marketed as the Australian Neighbourhood Portfolio, the offering includes four similarly priced suburban malls, all acquired in 2014.

In Queensland, the Brassall Shopping Centre at 64-68 Hunter Street, Brassall, west of Ipswich, is for sale.

Primewest acquired this asset (pictured, top) for $29.8m.

Elsewhere in the state, the Port Village in Port Douglas in on offer; the manager outlaid over $25m for this property (story continues below).

Primewest paid $9.05 million for Tyne Square.

Two malls in Adelaide’s north east have also been listed:

  • Primewest Dernacourt, formerly known as the Dernacourt Village Shopping Centre, 10 kilometres from the CBD, which cost the manager $25.5m, and
  • Fairview Green, in Fairview Park, at the base of the Adelaide Hills. About 22km from town, this property set Primewest back $24.75m.

The final property Primewest has listed for sale – Tyne Square, on the ground floor of an apartment complex – containing a SupaIGA, medical centre and pharmacist – was also purchased in 2014, for $9.05m.

JLL’s Sam Hatcher, Nick Willis, Jacob Swan (Brisbane), Nigel Freshwater (Perth) and Ben Parkinson (Adelaide) are representing the vendor.

“We have seen a shift in investor demand looking to increase weighting to the sector, however this remains difficult in what is a highly fragmented sector,” Mr Willis said.

Mr Hatcher added yields in the sub-sector have been resilient given the liquidity in the private investor and syndicator market, combined with resilience performance fundaments through COVID “in terms of Moving Annual Turnover and rent collections” – pointing to ABS research showing retail turnover rose 1.8 per cent in February, 2022.

The low cost of debt and population growth are amongst the retail investment sector’s key drivers, according to the executive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of