Investor and boutique fund manager IP Generation has acquired a 50 per cent stake in WA’s Rockingham Centre for $180 million.
The Rockingham Centre has a gross lettable area of 62,204sqm and is anchored by Coles and Woolworths supermarkets along with Ace Cinemas, Kmart, Target and other discount department stores.
Subject to council approval, there is a development potential for an adjoining 42,617 sqm of vacant land.
CBRE’s Simon Rooney – who negotiated the deal – said the transaction demonstrates the “renewed demand for quality, sub-regional and regional assets with a focus on non-discretionary spending”.
Meanwhile, Queensland’s Westpoint Shopping Centre has been acquired for $46.5 million by a family development group, Horwell Property Investments.
The deal, brokered by CBRE’s Joe Tynan and Michael Hedger, is secured for a 20-year lease to Woolworths and other national specialty chain tenants.
The shopping centre is situated 21km from Brisbane CBD and can service both the Brisbane and Logan local government areas.
“The high-performing Woolworths is extremely close to achieving turnover rent, with the property also offering significant development upside given the low site coverage and there is already a DA approved for a 432sqm proposed tenancy,” said Tynan.
