Westbridge diversifies fund with Perth retail

The Southern River asset, with 58 metres of Warton Road exposure.

Westbridge Funds Management has acquired a small south Perth retail investment for the Diversified Fund No 4 (WDF4).

The 1.074 hectare asset, 1-7 Holmes Street, Southern River, is costing $20.25 million.

Dan Murphy’s is the anchor, contributing 62 per cent of the income.

The balance of the 3038 square metre complex is occupied by the Brooklands Tavern and a single storey commercial complex with 10 tenancies including Baskin-Robbins, Crust Pizza and LJ Hooker.

Seventeen kilometres from the CBD, the centre neighbours an Aldi and is opposite a Woolworths.

“The asset services a rapidly growing residential corridor with a population in excess of 120,000,” the buyer said (story continues below).

WDF4 also holds an office/warehouse at Canning Vale – about three kilometres away from Southern River.

In Melbourne’s north Broadmeadows the trust also controls a logistics asset leased to Holman Industries.

“The purchase of the Southern River site is a key strategic step for Westbridge Diversified Fund No 4, which is designed to provide regular income to investors while targeting assets that have the potential for capital growth,” Westbridge chairman Damian Collins said.

The group manages over $750m of product including 20 residential development sites.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.