THE Glenfield shopping centre in Geraldton has been listed for sale at a time of strengthening investor demand for neighbourhood centre assets.
Located north of Geraldton, on Chapman Rd, the centre is anchored by a strong performing IGA and drive-through Cellarbrations liquor store, both with new 10-year leases.
They account for about 70% of the centre’s annual income of $800,000. The centre, perched on 9,958 sqm of land, is being offered with an 8.2-year weighted average lease expiry and features a further eight specialty tenants, including Optimal Pharmacy and a medical centre.
CBRE’s Richard Cash has been appointed to steer the expressions of interest campaign. He said the sale campaign coincided with an uptick in demand for strong performing retail assets.
“Neighbourhood shopping centres have performed very strongly as an asset class given their predominant food and convenience focus. The resilience of the sector has resulted in pent-up investor demand for well-leased centres in strong established locations.”
Buyer appetite for neighbourhood shopping centres dominated the Western Australia retail market in the first half of 2020, as investors across the country shifted focus to less risk-averse assets during the pandemic.
Glenfield shopping centre’s position in one the state’s major regional areas, capturing customers from the local catchment as well as those passing through the area via the Northwest Coastal Hwy, is expected to underpin investor interest.
“As the capital of WA’s mid-west, Geraldton has a strong and growing local economy, with many families moving to the region for employment opportunities with the benefit of a fantastic coastal lifestyle and the amenity and facilities of a major regional town,” Cash said.
Expressions of interest close 22nd October.