Manjimup Village has been listed for sale in a move expected to tap strengthening investor demand for regional shopping centre assets. Located on the south west Highway – the south west’s major thoroughfare Manjimup Village is anchored by Woolworths on a 20-year lease, contributing to 72% of the centre’s total income. It has a 11.7-year WALE and a fully leased net income of more than $1.1 million per annum.
The centre features a further eight specialty tenants, including an EG petrol station, medical centre and Red Dot retail outlet. A further 2,444m2 of developable land provides scope for future extension, ideally suiting a fast food operator or quick service retail.
CBRE’s Richard Cash and Anthony Del Borrello, conjunctionally with MMJ Real Estate’s Chris Geers and Geoff Jones, have been appointed to steer the International Expressions of Interest Campaign for the centre.
Cash said the property marked the fourth shopping centre to be offered in WA’s South West this year in a Perth market with a high volume of transactions. Vicinity Centres has recently put Midland Gate on the market.
“As evidenced in the first six months of this year, investment demand for retail assets between $10 million – $30 million has remained strong – underpinned by the appeal of defensive assets, which are anchored by ASX-listed tenants. With grocery sales up 6.9% during the first quarter in WA, appetite for these types of investments is being fuelled further,” Cash said.
Del Borrello said the centre’s position in one of WA’s major regional towns would underpin investor interest.
“As the largest shire in WA’s south west, Manjimup has a strong and growing local economy – supported by the multimillion-dollar expansion of the Talison Lithium Mine, which is currently undergoing expansion in Greenbushes and also the region’s internationally renowned truffle industry,” Del Borrello said.
Manjimup Village is being offered for sale via International Expressions of Interest closing 20 June, 2019.
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