Property Fund sells WA shopping centre Woodvale Boulevard

The on-market campaign for the property fetched more than 180 inquiries leading to eight formal offers.

The post Property Fund sells WA shopping centre Woodvale Boulevard appeared first on Inside Retail Australia.

Australian Unity Diversified Property Fund has divested Woodvale Boulevard Shopping Centre in Western Australia to a local syndicator for $36.5 million.

Appointed brokers of JLL – Nick Willis, Sam Hatcher, Nigel Freshwater and Sean Flynn – said the publicised on-market campaign for the property, which houses a strong performing Woolworths supermarket, received more than 180 inquiries leading to eight formal offers.

Woodvale Boulevard Shopping Centre is located on a 27,000sqm land holding in a catchment area with an average household income of $121,446 – 6.2 per cent higher than the WA average.

“Western Australia’s retail investment market has shown resilience despite wider macro-economic volatility affecting other markets,” said Hatcher. “Transaction numbers in the first half of the year were nearly double the five-year historical average reflective of investor interest into the state.”

“With the cost of capital significantly rising in recent months, investors’ return hurdles have been impacted resulting in an increase in demand for higher-yielding assets, added Willis.

The post Property Fund sells WA shopping centre Woodvale Boulevard appeared first on Inside Retail Australia.