Lakeside Joondalup is one of WA’s most successful shopping centres with moving annual turnover (MAT) of $707 million, the highest in WA and ranked 19th in the country based on the 2018 SCN Big Guns survey. The asset attracts 11.64 million customers visitations annually and has strong speciality productivity of $10,459 m2.
The centre is strategically positioned in Perth’s burgeoning northern population growth corridor and is anchored by Myer, Kmart, Big W, Target, Coles, Woolworths, Aldi and Grand Cinemas, together with 12 mini-majors, 283 specialties and kiosks.
The asset is jointly owned by Future Fund and Lendlease funds, and managed by Lendlease. JLL’s Head of Retail Investments, Simon Rooney, has been exclusively appointed on behalf of the Future Fund to sell a 50% share in Lakeside Joondalup.
Lakeside Joondalup is WA’s second largest shopping centre, with a total GLA of more than 99,000m2. It is a major-regional shopping centre, strategically positioned in Perth’s burgeoning northern population growth corridor and is anchored by Myer, Kmart, Big W, Target, Coles, Woolworths, Aldi and Grand Cinemas, together with 12 mini-majors, 283 specialties and kiosks, one office tenancy and six pad site tenancies.
“Demand for core assets, like Lakeside Joondalup, remains strong with over $3 billion worth of regional shopping centres having transacted in the last 12 months. These included a half share in Indooroopilly in QLD ($800.0 million), a half share in Westfield Eastgardens in NSW ($720.0 million), a half share in Pacific Epping and Pacific Werribee in VIC (close to $1.0 billion) and a 49% share in Chatswood Chase in NSW for ($562.3 million), said Rooney.
“Regional shopping centres in Perth are tightly held, rarely traded and are highly sought, given their high rate of sales productivity relative to similar assets in other states. The last individual regional centre to transact in WA was a one-third share in Karrinyup Shopping Centre, which UniSuper acquired from Westfield in 2013 for $246.7 million.
“There are tangible signs of a recovery in the WA economy, supported by the rebound in state economic growth and stabilising commodity prices and mining investment. Investors are making a strategic decision to enter this market counter cyclically, to capitalise on the recovery and strong relative value that the state offers.
“One of the major advantages of Lakeside Joondalup is its strategic and dominant position in the northern growth corridor and its limited regional centre competition. The asset will benefit from the projected strong population growth of 2.3% p.a. to 2031, well-above the Australian average of 1.6% p.a. over the same period,” said Rooney.
Opened in 1994, with the latest redevelopment completed in November 2014, Lakeside Joondalup boasts a selection of local, national and international fashion, dining and lifestyle brands all under one roof, as well as being the only Centre in Western Australia to have a train stop right at the door.
Expressions of Interest to purchase Lakeside Joondalup close at 2pm (AEDT) on Thursday 29 November 2018.
