Wanneroo Central sold for $70m
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Wanneroo Central Shopping Centre has been sold to the Charter Hall Retail Partnership, for $70 million.
Charter Hall Retail REIT announced today that its Charter Hall Retail Partnership, of which it owns 50 per cent, had executed an agreement to purchase the centre, at an initial yield of 8 per cent.
The centre is anchor-tenanted by Coles and IGA supermarkets and a Kmart department store.
It has a total gross lettable area of 16,300 square metres.
“With a robust forecast population growth of 4.7 per cent in its main trade area, dominant supermarket anchor tenants and the introduction of Sunday trading across Western Australia, Wanneroo Central is expected to contribute stable long-term returns and will be a high quality addition to the REIT’s non-discretionary portfolio of shopping centres,” Charter Hall Retail REIT chief executive Scott Dundas said.
The trust’s 50 per cent share of acquisition costs will be funded from undrawn debt capacity.
The co-owners said they were exploring various opportunities to improve the centre to maximise income and capital growth prospects.