Margaret River Shopping Centre and Busselton Boulevard Shopping Centre in Western Australia have been put for sale for the first time in 10 years.
On behalf of the vendor, a private family that has owned the centres since 2011, James Douglas of CBRE and Craig Butler of VPG Property will oversee the sale process.
The two locations, which are south of Perth in popular tourist areas in Western Australia, are retail centres with Coles as their anchor. Expressions of Interest are being sought by November 23 for the two assets – which are also available separately – and are anticipated to fetch offers over $40 million.
Margaret River Shopping Centre has a GLA of 2994sqm and occupies a 4622sqm landholding fronting the main Bussell Highway. Coles, which has leases running until 2026, is joined by four speciality tenants, and there are 224 parking spaces.
Busselton Boulevard Shopping Centre spans 5757sqm and has a GLA of 4797sqm. Coles is supplemented by 15 speciality tenants, and CBRE reports Busselton is the focus of a 10-year urban renewal project backed by the state and federal governments, which includes a Hilton Hotel set to open next year.
“We’re expecting strong interest from a range of investors for these assets,” said Douglas.
“Both assets enjoy dual catchments and retail sale opportunities, with permanent residents as well as a burgeoning tourism influence. Tightly held and rarely traded, it’s a unique opportunity to own part of Western Australia’s most notable destinations.”
“VPG Property has managed and leased the assets on behalf of the owners for 10 years, with the centres and locations going from strength to strength,” added Butler.
“We and the centre’s retailers have seen the push to regional living over the past two years, with these two locations offering employment and a great quality of life, all within a few hours.”