Colliers, on behalf of Arise Developments, has confirmed the sale of retail convenience offering, Brabham Common in Perth, Western Australia, for $31.42 million.
Colliers exclusive selling agents, head of retail middle markets Australia, James Wilson and Western Australia state chief executive, Richard Cash, negotiated the successful outcome, utilising Collier’s national retail expertise for this convenience retail centre in Perth’s northwest growth corridor.
“The Brabham Common campaign was incredibly well received, with over 150 enquiries received from local, interstate and offshore investors. The brand-new high-quality nature of convenience retail investment generated competitive bidding, with Colliers able to extract a premium by divesting Lot 2 to a Queensland private investor and Lot 3 to Perth based Westbridge Funds Management, as opposed to an in one line sale,” Wilson said.
“The high-quality nature of the offering and price point required a strategic marketing campaign targeted towards west coast, east coast and offshore buyer groups. The marketing strategy was well received by the retail investment market. The purchasers were comfortable purchasing a retail investment in Western Australia, given the buoyant state economy, projected population growth and the resilient nature of the offering,” Cash added.
Brabham Common is a fully leased convenience centre located 24 kilometres northeast of Perth CBD, boasting a population growth rate of 6.5% per annum. The centre has a robust tenancy mix with an 89% weighting to blue-chip multinational/chain tenants, including McDonald’s, KFC, 7-Eleven, Autobahn, Subway, Oporto and EG Fuel.
Brabham Common will form part of the greater Whiteman Edge Town Centre, supported by the nearby Neighbourhood Shopping Centre anchored by a Coles Supermarket and 12 supporting specialties.