East coast investor buys Halls Head shops

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 transaction, brokered by CBRE, equated to a rate of $2,252 per square metre. 

CBRE senior negotiator Anthony Del Borello said the off-market sale was the first retail transaction in WA since the beginning of the COVID-19 crisis.

“An obvious consideration with this sale was the uncertainty surrounding the current situation, including the short and long-term impact it may have on the centre’s income and the general retail market,” he said.

“However, the shopping centre’s convenient nature, strategic location, and potential for future repositioning, were drawcards for the buyer.”

Mr Del Borrello said the deal was a continuation of instances of east coast and offshore investors buying WA assets.

Other recent deals include the $6.15 million sale of Shell Orana in January, a $5.3 million sale of Joondalup 7-Eleven, the $22.8 million sale of Coles Orana in March last year and the $19.8 million sale of Coles Vasse in January 2019 to a Chinese investor.