Fund managers spend $70m on neighbourhood malls in WA, Qld
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Adelaide-based investment manager FRP has struck the biggest shopping centre deal in WA this year after acquiring Woolworths-anchored Yanchep Central in Perthâs northern suburbs for $41 million.
The deal adds to the weight of institutional capital targeting neighbourhood centres anchored by supermarkets and non-discretionary retailers.
Woolworths-anchored Yanchep Central sold on a yield of 6.6 per cent.Â
The 6673 square metre centre at 2 Peony Boulevard was built in 2012.
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Alongside a Woolworths supermarket there are 16 specialty stores, including a BWS, Pharmacy 777 and a McDonaldâs. The transaction also included an adjacent four hectares of development land that will allow for an expansion of the existing centre.