Trilogy Funds has bought Perth’s Brighton Village from ISPT for $25.3 million, with the transaction managed by Colliers’ Retail Middle Markets platform, led by James Wilson and Richard Cash.
Laurence Parisi, head of direct property at Trilogy Funds, said the acquisition was a compelling seed asset for Trilogy’s new Essential Retail Fund, which will centre on “essential, high-utility retail assets that consumers depend on routinely”, leading to resilient performances across economic cycles.
“Brighton Village ticks all the boxes in terms of our focus on properties strategically located across Australia that deliver reliable income and long-term capital growth potential, underpinned by stable cashflows, resilient tenants and fixed rental uplifts,” said Parisi.
The centre is anchored by a Coles on a 20-year lease with additional tenant options.
“The expressions of interest campaign attracted over 140 enquiries, including capital from both the West and East coasts, as well as offshore institutional investors, syndicators, and family offices,” said James Wilson, head of Retail Middle Markets, Australia.
“In total, the campaign generated over $160 million in unsatisfied capital from underbidders targeting this asset class. This depth of demand highlights the strong investor appetite for prime-grade shopping centre investments.”
The centre’s average specialty rents are currently 50 per cent below the Urbis benchmark, with 88 per cent of gross income and gross lettable area (GLA) secured by national tenants, when fully leased.
Brighton Village also has a weighted average lease expiry (WALE) of over seven years, demonstrating income stability, and its main trade area (MTA) is expected to see a population growth of 2.5 per cent per annum, more than double the Greater Perth benchmark.
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