The newly developed Woolworths Clarkson Shopping Centre in Western Australia has been sold to ISPT Retail Australia Property Trust.

The 6466sqm neighbourhood shopping centre is home to a 4207sqm Woolworths supermarket, which secures 65 per cent of the gross lettable area (GLA) and 58 per cent of gross income.

It also leases to other big brands including The Reject Shop and Revo Fitness, as well as to a pharmacy, a kiosk, and five other specialty tenants.

The shopping centre benefits from a long weighted average lease expiry of 8.78 years by GLA and 8.14 years by income.

“The campaign generated over 135 inquiries, resulting in $170 million of unsatisfied capital,” said Richard Cash, state CEO for WA at Colliers, which brokered the sale.

“Historically, Perth’s neighbourhood shopping centres have been dominated by local private investors
and funds. However, this sale highlights growing competition from Eastern Seaboard capital.”