Centuria Capital Group has announced its acquisition of Busselton Boulevard Shopping Centre in WA for $16 million, following its recent acquisition of Margaret River Shopping Centre. The combined total for the two deals was $31 million, with CBRE’s James Douglas and Chloe Mason negotiating both transactions with VPG Property’s Craig Butler and David Walser.
The Busselton Boulevard Shopping Centre will underpin a new a single-asset, closed-ended wholesale property fund, called the new Busselton Boulevard Shopping Centre Trust (BBSCT or Trust). The daily needs neighbourhood shopping centre is anchored by a Coles Supermarket and provides a 3.25-year WALE and 99% occupancy.
Located on 69 Prince Street, Busselton, the single-storey shopping centre benefits from a further 15 convenience retailers, with 92% of the centre catering to food and non-discretionary spending.
Jason Huljich, Centuria Joint CEO, said, “This was a rare opportunity to secure a high performing neighbourhood shopping centre that provides a resilient revenue stream underpinned by non-discretionary spending. This acquisition is another example of Centuria securing high-performing, quality retail assets within WA communities that will benefit from growing economies, driven by population growth.
“We continue to secure value-add opportunities to match specific profiles within our broad unlisted investor network and are pleased to provide a new investment vehicle to our HNW investor base.”
The daily needs neighbourhood shopping centre is anchored by a Coles Supermarket
The Busselton Boulevard Shopping Centre follows the success of Centuria’s Margaret River Shopping Centre Trust, which was established in January 2023 and was fully subscribed.
BBSCT provides a forecast initial starting distribution yield of 7.50% pa, monthly distributions and an initial five-year term. It has a minimum entry investment of $100,000. Centuria will seek to raise c.$10.7 million to launch the Trust with an anticipated launch date of July. Settlement is expected in late August 2023.
The acquisition adds to Centuria’s existing $1.7 billion daily needs retail platform.
