Charter Hall has bought a shopping centre in Perth’s southern suburbs for $33.2 million.
The group announced today that its Charter Hall retail real estate investment trust would acquire the Secret Harbour shopping centre and adjoining vacant land.
The centre is fully leased and anchored by a Woolworths supermarket, while the adjoining 31,000 square metres of land provides opportunity for expansion.
Fund manager Scott Dundas said the purchase was in line with the company’s strategy of spending proceeds of the recent sale of its Polish property portfolio on Australian supermarket assets.
“With the area’s forecast population growth averaging 4.6 per cent per annum between 2013 and 2018, and the centre’s future expansion potential, we expect Secret Harbour to contribute stable long-term returns,” Mr Dundas said.
The transaction represents an initial yield of 7.8 per cent on the shopping centre, plus vacant land at $274/sqm.