An exceptional opportunity to acquire a 50% stake alongside Scentre Group in the super sub‑regional’ Westfield Whitford City has come to market and is set to generate a strong circa $250 million-plus contest.
The asset, currently co-owned by Scentre Group and GIC, is located in the affluent coastal suburb of Hillarys, 20km north of Perth.
Lachlan MacGillivray, Managing Director, Asia Pacific, Retail Capital Markets, has been exclusively appointed to sell a 50% non-management interest in Westfield Whitford City via an Expression of Interest campaign closing Wednesday, 26th July 2023.
Primarily set across a single level, the centre is anchored by Coles, Woolworths and ALDI supermarkets, Kmart, and a Big W discount department store.
An $80 million redevelopment completed in 2017 delivered a vibrant dining and entertainment precinct, incorporating an eight-screen Event Cinema, a bowling alley, and a diverse mix of dining operators.
“This is a high-performing, large scale convenience centre which is at the heart of its community,” MacGillivray said. “The average customer visits three times per week and the Centre is home to the State’s top performing Woolworths Supermarket, making it very resilient. We are seeing strong growth after a major remix and the introduction of drawcard brands to build on the success of its best in class cinema and lifestyle precinct.”
An $80 million redevelopment completed in 2017 delivered a vibrant dining and entertainment precinct
Westfield Whitford City is situated on a prime 23.5ha landholding, including a separately titled Large Format Retail Centre, offering a total GLA of 88,880m2. There is 65,759m2 of enclosed retail floor space in the main centre, 2,970m2 of offices, 6,422m2 of pad sites and 9,728m2 of large format retail.
“Westfield Whitford City is an integral part of the social and economic fabric of Perth’s northern suburbs. With a total MAT of $499.6 million, it caters to a large trade area population of 458,210 and received 6.7 million annual customer visits as at April 2023, with an average spend of $67 per person.”
Westfield Whitford City occupies a high-profile corner site on Whitfords Avenue and Marmion Avenue, with a prime 970m frontage to Whitfords Avenue, exposing the centre to more than 6.8 million vehicles per annum.
“Located in the fast-growing northwest corridor of Perth, Hillarys boasts an attractive coastal lifestyle and offers easy access to beaches, parks, schools and amenities,” MacGillivray said. “Westfield Whitford City is the core retail and entertainment offering in the area.
“Westfield Whitford City is also a land-rich asset with mixed-use potential offering significant future options.”
Westfield Whitford City is an integral part of the social and economic fabric of Perth’s northern suburbs
The centre offers extensive value-add development opportunities in the short, medium and long terms, with existing plans for the construction of an eight‑storey building with 87 apartments, a three‑storey office building totalling 3,720m2 of NLA; and a plaza.
The Australian retail sector is poised to draw significant interest from global investors, according to Colliers’ latest investment research insights, as instability across European and American markets forces a major shift towards the Asia Pacific region.
“We are seeing a strong selection of Domestic and International investors looking to partner with Australia’s leading retail asset manager,” MacGillivray said.
