An Australind shopping centre and a neighbouring commercial centre, have been sold for $39.43 million, in an off-market sale negotiated by Colliers International.
The Village, Australind Shopping Centre and the Mardo Commercial Centre, which are located on adjoining sites next to the Leschenault Estuary in WA’s South West, were purchased by Perth-based Acure Asset Management and will be held in the recently formed Australind Trust.
The sale of the retail and commercial centre, which have anchor tenancies to Coles, Aldi and Chemmart, was negotiated by Colliers International Director Retail Investment Services Ben Tana who said the properties settled on a yield of 8.3 per cent.
“With three anchor tenancies providing 67 per cent of the net income and 30 specialty shops complementing the offering, The Village and Mardo Commercial Centre represented a compelling retail investment,” Mr Tana said.
“The properties have a weighted average lease expiry by area of 10.3 years and occupy a combined 3.5ha site which has future redevelopment potential on one of the South West’s well-known waterfronts.”
The three-building, 1,597sqm Mardo Commercial Centre and the 7,724sqm Village are 90 per cent leased. A recent renovation at the properties, on the corner of Mardo Avenue and Old Coast Road, created a new free-standing retail premise for Aldi.
The Village, Australind has been servicing the Australind community for 30 years and was sold by private property company, the Vukelic Group.
Australind is an established regional town, 12km north of Bunbury and 160km south of Perth.