Regional WA neighbourhood mall fetches $9m
An IGA anchored retail investment supporting a small town about 220 kilometres north of Perth has sold.
Jurien Bay Shopping Centre collected $8.95 million – a 7.04 per cent yield.
On 5853 square metres, with specialties including a bank, Australia Post, newsagent and real estate agency, the weighted average lease expiry is 7.1 years by area or 6.9 years by income.
There is 2550 sqm of lettable area.
IGA is onto its third 10 year lease (continues below).
With options it can stay until 2055.
The specialties are rented for an average c$411 per sqm per annum, which Ray White Commercial agents Brett Wilkins and Andrew Woodley-Page said is considered below benchmark.
Local syndicate Prime Private was the seller. The buyer is a local private investor.
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