Perth’s Forest Lakes Shopping Centre has been acquired for $81.5 million by Greenpool Capital and Savills Investment Management.
Located 15 km from the CBD in the south-eastern suburb of Thornlie, the 14,577sqm development is anchored by Coles, Woolworths and Aldi supermarkets and is home to 42 specialty shops and kiosks.
CBRE, which oversaw the sale off market, said the development generated a lot of interest from both listed and unlisted institutional capital and private investors underlining a strong demand for non-discretionary assets despite increasing interest rates.
CBRE’s Simon Rooney said: “There remains strong capital demand and therefore liquidity for quality retail assets, particularly assets which are tightly held.”
Brad Osborne, MD of Greenpool Capital, said neighbourhood shopping centres continue to prove resilient in a post-pandemic era, “offering superior risk-adjusted returns for investors”.
He added the shopping centre trades at a “remarkably” low specialty occupancy cost.
Forest Lakes’s purchase marks the third retail acquisition for the Perth-based Greenpool Capital following North Adelaide Village, and Runaway Bay Shopping Centre on the Gold Coast.