3rd April 2019.
A Perdaman Group investment syndicate has paid $20 million for the Woolworths-anchored The Village at Margaret River in WA’s South West, taking retail transactions so far this year to $80 million.
Sirona Capital assigned Colliers International and CBRE the task of offloading the 5706sqm shopping centre in September. The centre, built for Woolworths in 2013, is on a 7233sqm site on the corner of Town View Terrace and Wilmott Avenue and has a fully leased net income of $1.5 million.
Sirona Capital managing director Matthew McNeilly said the goal was to deliver a centre that attracted shoppers to stay for longer. Woolworths has a lease until 2034 and Sirona increased the specialty retail occupancy of the centre from less than 45 per cent to 90 per cent.
Colliers International’s Ben Tana said demand from interstate, offshore and local syndicators was keeping up with the extra shopping centre supply.
CBRE’s Richard Cash and Anthony Del Borello said there was confidence in the retail sector despite negative sentiment.