Anthony Del Borrello

A private Chinese investor has made its first move in Perth’s property market, purchasing Kelmscott Plaza Shopping Centre for $19 million.

SPECIAL REPORT: Investors are eyeing opportunities in the state’s retail property market.

An unnamed Chinese private investor has purchased a Coles supermarket in the state’s South West for $19.6 million, part of a $50 million asset sell-off by the retail chain.

A raft of high-value commercial property assets has hit the market this week, including a shopping centre in the northern suburbs, a two-level office on Stirling Highway in Claremont and a large parcel of land in Muchea.

Primewest has added seven-storey CBD office building ENI House to its portfolio for $86 million, amid fierce competition from local and overseas investors.

Investors are likely to sharpen their focus on Western Australian retail assets throughout the next 12 months, with retail turnover growing faster in WA than in any other state.

Woolworths has offloaded a recently built Banksia Grove shopping centre for $27 million, with an unnamed Singaporean investor securing the asset after a highly competitive sales campaign.

Halls Head Shopping Centre has sold for $6.3 million to an unnamed interstate investor, continuing a recent trend of east coast players acquiring Western Australian retail assets.

The Carramar Village shopping centre in Perth’s northern suburbs has been sold for $33.5 million; a move CBRE says represents the largest Perth shopping centre sale for 2020.

COVID does not appear to have dampened investor appetite for the state’s neighbourhood retail centres in 2020, achieving $110 million worth of sales to date.

Certain pockets of the retail market have proved their value during the pandemic, and investors are taking notice.