Sunday, June 23, 2024

WA shopping centre Halls Head Central sells for $70 million

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The Halls Head Central shopping centre in Mandurah, Western Australia, has been sold to Centuria Capital Group for $70 million.

The 19,373sqm shopping centre is home to Coles, Aldi and Kmart, two mini-majors, 50 specialty shops, and two freestanding pad sites. It boasts an annual turnover of $137.4 million.

“The transaction demonstrates continued demand, particularly by private capital, for sub-regional assets with a focus on non-discretionary spending, particularly those that offer strategic value-add opportunities,” said Simon Rooney, CBRE’s head of retail capital markets for the Pacific.

Rooney, along with James Douglas, senior national director of CBRE Asia Pacific, facilitated the off-market sale campaign on behalf of the vendor, Vicinity Centres and ISPT.

The centre occupies an under-used 93,136sqm site, which includes 10,000sqm of adjoining vacant land.

Earlier, Centuria acquired Busselton Boulevard shopping centre and Margaret River shopping centre.

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