Developer and property syndicator Primewest has added another shopping centre to its porftolio, buying the Stirling's Retail Centre in Bunbury for $18.75 million.
The deal, which was brokered off-market by Colliers International, gives Primewest the opportunity to combine the 5,864 square metre centre with its adjacent Centrepoint shopping mall, which is currently the subject of expansion plans.
"The City of Bunbury is looking at ways to bring a department store into the Bunbury CBD and combining the two centres could offer that potential," Colliers International director of retail investment services Mark Werrett said.
The Stirling Centre is anchored by Best and Less and also counts Priceline, Medibank Private, OPSM and Croissant Express among its 26 speciality retailers.
"The retail market continues to strengthen – and it has been marked by increasing prices, low availability of stock and strong interest from both overseas and local investors," Mr Werrett said.
"All those factors add up to what we believe will be an increase in off-market transactions this year."