Colliers and Cygnet West are jointly bringing to market for sale, Joondalup Square, a single-level, open-air Large Format Retail Centre (LFR) located 26km from Perth CBD.
Joondalup Square is Perth’s pre-eminent shopping destination for furniture, home improvement, bedding, homeware, pet supplies and fitness servicing perth’s northern corridor and growing population.
Constructed in 2013, the centre features a total lettable area of 13,216 square metres spread across three freestanding buildings, with a combined area of 27,598 square metres. Joondalup Square is strategically positioned to capitalise on its expansive trade area, encompassing Joondalup and the surrounding suburbs, extending 45km north and 10km south, tapping into a rapidly growing population base projected to reach 564,264 residents by 2041.
The centre offers convenient at-grade parking with 352 car bays and benefits directly from the foot traffic generated by the adjacent Bunnings, creating a one-stop large format retail precinct.
Colliers Head of Retail Middle Markets Australia, James Wilson said, “Large Format Retail has recorded a 53% increase in transactions highlighting the strong domestic and offshore investor interest for the resilient retail sub sector. Despite this, Joondalup Square is only the second capital city LFR Centre to be publicly marketed 2024, highlighting the tighly held nature of trophy centres of this calibre.”
Cygnet West Partner in Commercial Agency, Wayne Lawrence added, “ Its intergration with Bunnings and prominent positioning makes Joondalup Square the best located centre in a precinct that trades exceptionally well. The vacancy rate across Joondalup for this asset class is less than 3.5%.”
The centre boasts a mix of high-profile national retailers, featuring 14 large format retail (LFR) tenants and five specialty stores including Amart Furniture, Beacon Lighting, PetO, Bedshed, Kitchen Warehouse, Forty Winks, Adore Home Living, and BBQ’s Galore.
The opportunity to acquire Joondalup Square is being jointly marketed by Colliers and Cygnet West via an Expressions of Interest (EOI) campaign, closing on Thursday 26 September 2024.