Satterley sets LFR record with $125m deal
Satterley Property Group has paid what is believed to be the state’s highsest price for a large-format retail asset.
The 24-hectare Home HQ Busselton at Lot 805 Chapman Hill Road, Bovell, two kilometres south of the town’s CBD – has an end value of $125 million.
Arise Developments is the developer and seller.
The Subiaco-based group was represented by Vend Property’s Paul Davison.
Home HQ Busselton
Home HQ Busselton will contain 34,000 square metres.
Adairs, BCF, Harris Scarfe, Harvey Norman, JB Hi-Fi, Kitchen Warehouse, Petstock, Rebel, RSEA, Snooze and The Good Guys are amongst the committed tenants.
Expected to open next year, there is about 3500 sqm left to fill; Vend is also managing the lease campaign.
The property adjoins a Bunnings being sold separately.
The combined area is 48,500 sqm (continues below).
Commercial push
SPG was established in 1980 by Nigel Satterley, who remains its chief executive,
The group also holds a LFR centre at Ellenbrook and last month lodged plans for a $15m Harvey Norman store at Alkimos – the latter replacing a proposal for a fast-food outlet and liquor store.
Also under construction is the $178m second stage of South Central in Jandakot – set to add 36,400 sqm of showroom space across seven buildings.
When combined with the existing stage, the end value will exceed $330m.
In May it bolstered its retail development site portfolio spending $48.5m for a 12.1ha Dianella site.
That seller was Gay Street Property Holdings, an entity associated with media entrepreneur Bruce Gordon.
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