Joint selling agents CB Richard Ellis and Colliers International have tipped the Phoenix Shopping Centre in Spearwood to receive strong investor interest as it hits the market this week.
The shopping centre, located on Rockingham Road, has a gross lettable area of 20,543 square metres and includes Coles and Woolworths supermarkets and a Big W department store alongside 50 specialty stores and kiosks.
CBRE and Colliers will launch an 'offers to purchase' campaign this week.
CB Richard Ellis WA managing director Peter Agostino said the centre would benefit from significant growth potential in its surrounding catchment area,
"The centre's catchment includes not only significant infill development in the immediate primary catchment but also the major growth location of the Cockburn coast, which is earmarked for a 331 hectare master planned residential development," Mr Agostino.
"The trade area also encompasses Australand's 84 hectare Port Coogee development. Master planned residential estates of this size and scale will improve the centre's turnover over the next decade or more."
Colliers International's Mark Werrett said strong growth in Western Australia's resources sector was translating into growing demand in the WA commercial property market.
"We know that major institutional buyers are actively seeking retail opportunities of the right size in WA - but at that sub-regional centre level there are a limited number of assets that remain in private hands, and it is quite a tightly held sector," Mr Werrett said.
"In this environment there is little doubt the Phoenix centre will attract significant investor interest."
The Phoenix centre also has expansion approval, for a 7,775sqm extension.
"The City of Cockburn is keen to facilitate development in the area which will be encouraging to potential buyers," CBRE's Steve Wakeham said.
