A high profile, large format retail centre at the gateway to Mandurah – Western Australia’s fastest growing city – has sold for $13 million through Knight Frank and Raine & Horne Mandurah.
The successful purchaser was the well-established Perth based investor and syndicator Sullivan Property Consultants.
Located on the corner of Mandurah Terrace and Mandurah Road at the northern entrance to the city, the fully leased centre consists of seven tenancies occupied by high profile large format retailers including Officeworks, Snooze and 24 Hour Fitness.
Known as Primewest Mandurah, the centre has a total building area of approximately 5,836 sqm and returns a net income in excess of $1.1 million per annum.
Knight Frank Director, Commercial Sales, Western Australia, Todd Schaffer, said the centre had attracted significant interest from a selection of local and national investors and syndicators due to its blue chip tenant mix, solid income stream and ideal location.
He said the property was located on a 1.24 hectare site with almost 200 metres of frontage to Mandurah Road, giving it exceptional visibility and high volumes of passing traffic.
Mr Schaffer said the majority of tenants were on long, well structured leases, with a weighted average lease expiry (WALE) of 3.8 years.