01/08/2019 - 14:01

Alkimos shopping centre sold for $34m

01/08/2019 - 14:01

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Alkimos shopping centre sold for $34m
CBRE has reported significant competition to secure the Trinity Village asset. Photo: CBRE

Trinity Village Shopping Centre in Alkimos has sold for $34 million, as interest continues to build in Western Australian neighbourhood retail assets.

The deal was brokered by CBRE, while the identity of both the buyer and the seller were not disclosed.

Trinity Village is anchored by Coles on a 15-year lease, and also includes 16 specialty tenancies.

The purchase price of $34.05 million represented a per square metre rate of $5,599 and a yield of 5.84 per cent.

CBRE’s Anthony Del Borrello said an expressions of interest campaign attracted 86 enquiries and seven offers, from a mix of local, east coast and international investors.

“There continues to be high demand for neighbourhood shopping centres, due to security offered by the high percentage of income that is derived from ASX listed tenants, namely Coles and Woolworths, and the income growth from potential percentage rent and specialty tenant reviews,” he said.

“Insulation from economic fluctuations and the impact of online retail sales has also contributed to high demand for non-discretionary and service-based neighbourhood shopping centres.”

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