Strong demand continues for neighbourhood shopping centres.

Fully leased Darling Ridge Shopping Centre sells for $17.35 million

Strong demand continues for neighbourhood shopping centres.

July 20, 2016

Colliers International

A private family company has added Darling Ridge Shopping Centre to its portfolio, buying the Swan View shopping centre for $17.35 million.

The shopping centre was sold by Colliers International agents Mark Werrett and Ben Tana who said the sale price reflected a yield of 6.76 per cent.

“Neighbourhood shopping centres are a staple asset in the retail sector and investment demand continues to exceed supply,” Mr Tana said.

The 2349sqm neighbourhood shopping centre is anchored by a 1204sqm IGA supermarket and has 10 specialty retailers and a Caltex Service Station.

The Morrison Road shopping centre occupies an 8527sqm site and is in an established catchment area, 3km from Midland Gate Shopping Centre.

Mr Werrett said the shopping centre was fully leased when sold and had a pending vacancy rate of 4.8 per cent in the next year.

The vendor was a private syndicate.

The sale of Darling Ridge Shopping Centre follows the sale in October of the Port Hedland Boulevard Shopping Centre for $17.6 million.

The neighbourhood shopping centre, which was jointly listed by Colliers International and ACTON Real Estate, was purchased by Brisbane-based Sentinel Property Group.