Woolworths sells suburban Perth shopping centre for $27 million

Woolworths has sold a retail complex in Perth’s outer northern suburb of Aveley for $27 million to a private investor.

Woolworths Aveley (pictured top, left and bottom) is trading on a market yield of 5.8 per cent.

Built in 2016, and with depreciation benefits, the asset was offered with a 12-year lease to Woolworths.

Alcohol retailer BWS, eight specialty stores and two kiosks also occupy the 5040 square metre centre which sits on a 1.76 hectare site, about 28 kilometres north east of the CBD.

With about 255 car parks the asset is within Stockland’s Vale Aveley housing estate.

Cushman & Wakefield Sydney brokers Nick Potter, Shashi Makkapati and Billy Dent represented Woolworths. Mr Potter told realcommercial.com.au in this item that neighbourhood shopping centres remain one of the most liquid asset classes, with 16 transactions completed during the second and third quarter of 2018 totaling more than $505 million.

“Private investors also continue to be attracted to these assets given the ticket size and are paying sharp yields for quality centres with strong underlying fundamentals and growth prospects,” he added.

An aerial image showing the retail asset (shaded) in relation to the Perth CBD.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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