Singaporean investor pays Woolworths $27.3 million for Banksia Grove shopping centre
A Singaporean investor is paying Woolworths $27.3 million for the recently constructed Banksia Grove shopping centre in Perth’s north.
The 5721 square metre complex on a 2.5 hectare block at 103 Ghost Gum Boulevard, Banksia Grove, hit the market in February with c$35-million price hopes.
The retail investment contains a 3850 sqm supermarket leased to Woolworths for 12 years. The supermarket then has 10 five-year renewal options.
Eleven speciality tenants – amongst them Terry White Chemmart and The Coffee club – occupy the balance of the lettable retail space.
At the entrance of a new housing estate, the shopping centre also contains 284 car parks.
Banksia Grove is about five kilometres north-east of the satellite city of Joondalup. The Perth CBD is about 35 kilometres away.
CBRE’s Richard Cash and Anthony Del Borello marketed the property for Woolworths.
The agents said that more than 90 enquiries were received resulting in seven formal offers. The sale price reflects a passing yield of 5.96 per cent.
