Cushman to sell two Woolworths-owned centres in WA

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Cushman & Wakefield has announced today it has been appointed by Woolworths to manage the sale of the Seacrest and Aveley retail shopping centres in Western Australia.

Cushman & Wakefield’s Head of Retail Investments Nick Potter, Senior Director Sashi Makkapati and Senior Executive Billy Dent are managing the expression of interest campaign for the Seacrest and Aveley centres, both of which are anchored by a full-line Woolworths supermarket and BWS.

Commenting on the Cushman & Wakefield appointment, Mr Potter said, “We continue to see strong demand for modern, well located supermarket-anchored centres across Australia, and we expect the two Woolworths regional centres to generate strong interest among local, East Coast and offshore investors.

“These brand-new convenience retail assets offer long-dated income with strong covenants, defensive cashflows and depreciation benefits. With the additional expected growth in local populations underpinning the asset’s growth profiles, this will attract the large national platforms, local syndicated and high net worth individuals.”

“Neighbourhood centres accounted for $175m of the $763m of recorded investment into retail assets nationally during Q1 2018, which followed from $1.9 billion in transactions during 2017 – the highest proportion of centre sales by type nationally. We expect this to remain strong in 2018 as investors continue to target defensive assets such as neighbourhood centres and catchment dominant mails,” he said.

Woolworths Seacrest in Wandina is five kilometres from the Geraldton CBD and has a total lettable area of 4,713 square metres, including Woolworths, BWS, seven specialty tenancies and a pad site medical centre.

Woolworths Aveley in Aveley is a larger 17,647 square metre site located 28 kilometres north-east of Perth and includes Woolworths, BWS, nine specialty stores and a pad site medical centre.