WA’s Busselton Boulevard Shopping Centre has been acquired for $16 million by Centuria Capital Group.

The single-storey shopping centre is anchored by Coles and has 15 convenience retailers mainly catering to food and non-discretionary spending.

Jason Huljich, Centuria joint CEO, described this as a “rare opportunity” to secure a high-performing neighbourhood shopping centre that provides a “resilient revenue stream” backed by non-discretionary spending.

“This acquisition is another example of Centuria securing high-performing, quality retail assets within WA communities that will benefit from growing economies, driven by population growth.

“We continue to secure value-add opportunities to match specific profiles within our broad unlisted investor network and are pleased to provide a new investment vehicle to our high net worth investor base.”

The acquisition will underpin as a single asset, closed-ended wholesale property fund called the Busselton Boulevard Shopping Centre Trust, which is forecast to provide 7.5 per cent per annum in initial starting distribution yield along with monthly distributions and an initial five-year term.