In just the first two months of 2019 shopping centre sales in Western Australia have hit $60 million.
The latest sale of Wattle Grove Shopping Centre for $16.3 million has pushed the transaction pipeline to more than $60 million in WA.
The sale of Wattle Grove is the fifth retail asset to transact in the first two months, which CBRE's Anthony Del Borrello says makes this one of the strongest year-starts the market has experienced in a while.
"Neighbourhood shopping centres, particularly those anchored by international retailers such as Aldi, continue to be highly sought after by investors due to the heavy reliance on non-discretionary spend and insulation from online sales," says Del Borrello.
CBRE's Richard Cash says this is the beginning of a trend that should continue through the rest of the year.
"We expect to see yields for A-grade supermarkets and neighbourhood shopping centres continue to strengthen throughout 2019, fuelled by an influx of new buyers locally, nationally and globally," says Cash.
Wattle Grove Shopping Centre is a 3,103sqm centre home to 12 specialty retailers, a medical centre, pharmacy, food and beverage tenants, and its anchor tenant Aldi.
Business News Australia
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