Mundaring Village Shopping Centre has been sold to a local syndicate for $19.4 million.
The shopping centre on Great Eastern Highway houses Coles as well as 20 specialty stores.
The sale was negotiated by Knight Frank directors Phil O'Donovan and John Corbett on behalf of vendor Viento Property which has a strategy to sell underperforming assets and reduce debt to recapitalise the Fund.
Viento Property purchased the centre six years ago for $14.4 million.
"This is a great result for investors in the syndicate given the state of the property market over the last 18 months," said Viento managing director Robert Nichevich.
Knight Frank director Phil O'Donovan said the sale price reflected the strong interest in retail assets, which are to some degree viewed as a safe bet in the current investment climate.
"Well located retail centres with a quality tenant mix are on the radar of private investors, property trusts and offshore interests alike," he said.
"In particular, neighbourhood centres anchored by well performing supermarkets are currently the target of robust demand," said Mr O'Donovan.
The Melbourne-based Viento Diversified Property Fund owns 10 direct property assets valued at $128.2 million and an allocation in the Southern River residential subdivision valued at $2.5 million.
