The strength of Perth’s retail investment investment market is set to be further demonstrated with the upcoming sale of a circa 10,000sqm ‘town centre’ development site, opposite the Pinjarra Junction Shopping Centre.
CBRE’s Andrew Woodley-Page and Richard Cash have been appointed to sell the DA approved retail development site on Pinjarra Road via an Expression of Interest campaign.
The 10,392sqm site, which has DA approval for a supermarket, specialty shops and a restaurant complex, benefits from a high profile position opposite Pinjarra’s main shopping hub, and three street frontages.
Mr Woodley-Page said the site’s strategic position directly opposite the strongly performing Pinjarra Junction Shopping Centre would be a key factor underpinning buyer interest.
“The opportunity to acquire a significant footprint in Perth’s growing retail market is expected to attract interest from a wide pool of buyers, including local, east coast and offshore parties,” Mr Woodley-Page explained.
“The property’s immediate proximity to the Pinjarra Junction Shopping Centre will ensure its future development will capitalise on the strong existing patronage in the area, in addition to further growing Pinjarra’s appeal as one of the key shopping hubs of Perth’s south west.”
Mr Cash said the opportunity to develop a supermarket based retail centre was a major selling drawcard.
“With no other sites within the Pinjarra Town Centre with appropriate zoning for supermarket use, this property represents an outstanding opportunity for secure capital return,” Mr Cash explained.
The property further benefits from excellent connectivity to the Perth CBD and Mandurah Town Centre from the rail network, which is situated approximately 500 metres’ away. The site also includes car parking approval for 161 car bays.
The property is being offered for sale via an Expression of Interest campaign closing April 28 at 2.00pm.