The Retail Wrap
Introduction
Welcome to RWC WA’s inaugural Retail Wrap report.
As of 2024, the Western Australian retail property market is experiencing notable dynamics across various asset classes, reflecting broader economic trends and local consumer behaviour shifts.
There has been a particular rush on WA shopping centre investment opportunities in the first half of 2024 with approximately $1.2 billion of retail property changing hands including Karratha City Shopping Centre ($96.0M) Halls Head Central ($70.0M) and Maddington Central Shopping Centre ($107M) in addition to numerous neighbourhood shopping centres all yielding at around 6%.
We have seen favourable levels of demand over each of the remaining asset classes. Whilst Large Format Retail transactions have been subdued thus far in 2024, assets within the Childcare, Fast food, Service station and Healthcare sectors have continued to transact strongly.
Overall, investors are focusing on assets with strong lease covenants, sustainable income streams, and potential for value add opportunities through redevelopment. In conclusion, the Western Australian retail property market in 2024 presents a mixed landscape across the various asset classes. While challenges persist, particularly around the uncertainty of interest rate rises, we believe demand for prime assets will continue to remain high throughout the second half of 2024 and beyond.
Brett Wilkins Director of Capital Markets
Joint Managing Director
Childcare
Fast food
Service stations
Shopping centres
Healthcare
Large format retail
Stephen Harrison
Andrew Woodley-Page Capital Markets
Michael Milne Senior Commercial Property Advisor
223-225 & 227 Murray Street Mall, Perth
A two level retail building with 30m* of frontage to the busiest shopping street in Perth. Leased to an international fashion retailer ZARA and to a national retailer City Beach.
Sales process
Expression of Interest campaign CBD Retail Investment
Prominent RWC WA retail for sale
Nicholson Road Commercial Centre
888 Nicholson Road, Canning Vale WA 6155
A substantial large format retail investment, anchored by Dan Murphys, Revo Fitness and Petstock, providing attractive returns.
Sales process
Expression of Interest campaign
Shopping centres
*The sale of Lakeside Joondalup represents a 50% stake to Vicinity on behalf of Future Fund
Lakeside Joondalup Shopping Centre
Halls Head Central Karratha City Shopping Centre
Forrest Family Practice South Bunbury Rockingham Medical Centre
Nexus Joondalup
Large format retail
Midland LFR Centre
Orrong Business
Service stations
7-Eleven Yanchep
Vibe Beechboro
Caltex Henderson
Fast food
Red Rooster Joondalup
Hungry Jacks Yanchep McDonalds Yanchep
Childcare
Djinda Dreaming
Camillo Early Learning
Bloom Early Education Dawesville
Nido Kingsley
RWC WA
If you would like to discuss the market or what your property might be worth, get in touch with us.
Brett
Wilkins Director of Capital Markets
RWC WA
Andrew Woodley-Page Capital Markets
RWC WA
Collaboration and support
Mario Garbin Analyst/Licensed Valuer
RWC WA
Stephen
Harrison Joint Managing Director
RWC WA
Michael Milne Senior Commercial Property Advisor
RWC WA
Irene Liitiaeinen Marketing Manager
RWC WA
