Charter Hall Retail bought the Secret Harbour shopping centre in Western Australia for $33.2 million.
Located 50 kilometres from Perth’s CBD, the 5,574 square metre neighbourhood shopping centre is anchored by a Woolworths supermarket and has 16 specialty retailers and a Caltex Service Station. The centre is fully leased with the Woolworths lease contributing 51 per cent of current base rent.
The property includes an additional 31,000 square metres of development land, zoned District Town Centre, providing an opportunity for expansion of the centre.
“The acquisition is in line with our strategy to redeploy proceeds from the recent sale of the REIT’s Polish portfolio into high quality Australian supermarket anchored retail assets which fit our investment criteria,” Scott Dundas, Charter Hall fund manager, said
“With the area’s forecast population growth, averaging 4.6 per cent per annum between 2013 and 2018, and the centre’s future expansion potential, we expect Secret Harbour to contribute stable long term returns and to be a high quality addition to the REIT’s non-discretionary portfolio of shopping centres.