Adelaide-based fund manager Red Wealth has acquired a neighbourhood shopping centre for $33.5m in Perth.
The Centre at Carramar consists of a Woolworths Supermarket and 14 specialty stores including a Medical Centre, Priceline Pharmacy, Takeaway Food, 24/7 Gym and Newsagency.
The Centre provides a total NLA is 5,353sqm and sits on a 2.08ha site which has an additional 1,030sqm of land to suit a medical centre expansion or childcare centre development.
The centre is located within the thriving north eastern growth corridor approx 5km east of the city of Joondalup which has a 2.7% p.a. population growth, expected to continue until 2031.
The Centre was sold on a 6.2% yield via an on market sale campaign by CBRE in Sept 2019.
The Vendor, Perth-based Arthur Marshall, and founder of British logistics firm Canute Group, put the Centre and a portfolio of $140m of retail, commercial and residential properties up for sale a year ago.
Related Articles
