Bunbury Forum to sell for $76.8m
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Challenger is set to sell Bunbury Forum for $76.8 million, after purchasing the sub-regional shopping centre for $137.06 million in 2013.
According to Landgate, the East Bunbury property across five lots on Sandridge Road, Pennant Road and Strickland Street is set to transact for $76.80 million.
The Sydney-based ASX-listed investment manager, who purchased the centre from Atlas Point Pty Ltd in September 2013, had plans for a significant expansion of the asset.
Development approvals to expand the centre date back to 2007, when Atlas sought to increase the centre’s gross lettable area from 21,000 square metres to 30,000sqm.
In 2018, Challenger Life Nominees received Joint Development Assessment Panel approval for a redevelopment and expansion of the centre.
Development plans for Bunbury Forum. Image: I2C
At the time, it was the fourth development approval received in the last 10 years for Bunbury Forum.
The regional JDAP then granted amended approval in June 2020 for an expansion of the centre that included demolishing the McDonalds to make way for a new one.
According to Pricefinder, Challenger is also divesting 11 lots on Strickland Street and Gipse Street for a total of $4.2 million.
Bunbury Forum Shopping Centre is the only centre in the South West with a major discount store, Big W, and two major supermarkets Woolworths and Progressive Supa IGA.
The centre ranks 32nd on Business News’ data and insights Shopping Centre llist, with more than 60 specialty retailers and close to 22,000sqm of gross lettable area.
Challenger was contacted for comment.