Bunbury retail centre in $6.5m sale

An entity linked to South Africa has bought a large format retail centre in Bunbury for $6.5 million from a local investor.

DND Properties Pty Ltd bought a 2,161 square metre building at 146 Blair Street from Foreshore Mandurah Pty Ltd.

The property is anchored by Clark Rubber and BCF, the latter a subsidiary of ASX-listed Super Retail Group.

ASIC records show Ron and Dianne Giorgi, of Bunbury, as joint shareholders of Foreshore Mandurah Pty Ltd.  

Records also show that DND Properties has a director based in Crawley, Richard Eadie, and two directors based in Johannesburg, Dick Merks and Neil Page.

Burgess Rawson brokered the deal at an auction held in Melbourne earlier this year.

Selling agent Rob Selid said there was strong interest in the asset.

“Large format retail centres with national tenants are in demand,” he said.

“In WA they are tightly held.”

The property, which sits on 4,008sqm of space, last changed hands for $1.26 million in 2002.

In the recent deal, the transaction attracted a 7.13 per cent yield and the asset has a net income of $456,112 per annum.

The property was sold on about a three-year weighted average lease expiry.