Mark Werrett

THE number of Perth shopping centres  changing hands this year has grown to six, with the conditional sale of Phoenix Shopping Centre for about $80 million; but there has been no progress on Westfield Innaloo, which is likely to be the largest sale of the year.

ALDI’s imminent arrival in WA and continuing competition between the retail majors has sidelined many retail developers who just can’t pay the big prices Coles and Woolworths will shell out for new sites.

Local investors are showing increased interest in Western Australian retail assets, with the off-market sale of Northam Boulevard Shopping Centre for $14.05 million highlighting the growing demand, according to Colliers International.

Developer and property syndicator Primewest has added another shopping centre to its porftolio, buying the Stirling's Retail Centre in Bunbury for $18.75 million.

Private investment group Silverleaf Investments has added to its retail portfolio, buying the Millstream Shopping Centre in South Perth for $13.6 million.

Western Australia’s neighbourhood shopping centres are among the standout performers for retail asset sales across Australia, with six transactions this year totalling at least $112 million.

Woolworths is expected to develop a supermarket on a site in Singleton, south of Golden Bay, where rival Coles was planning to build one of its stores.

While storm clouds gather over office assets and land development comes off the boil, interest in retail property is building as investors look for somewhere secure to park their cash. Click through to see our list of WA's top 10 locally-based shopping centre owners.

The traditionally dominant players in Australian retail are being forced to reinvent themselves in the face of increased competition – from each other, and a host of international raiders.