Joondalup Square, a prominent large-format retail centre in Perth’s northern suburbs, has been sold for $96 million in a landmark transaction.
The sale was brokered by Colliers on behalf of Primewest, a subsidiary of Centuria Capital Group, highlighting the ongoing demand for high-quality retail assets in strategic locations.
Located in the rapidly growing suburb of Joondalup, the retail centre spans 31,114 square metres and boasts a strong occupancy rate, with major national tenants such as The Good Guys, Spotlight, and Anaconda. Its strategic position near the Joondalup Shopping Centre and excellent transport links have made it a key retail destination in the region.
Colliers’ Head of Retail Investment Services, Lachlan MacGillivray, commented on the sale, emphasising the continued investor interest in well-located retail centres. “Joondalup Square is a prime example of a high-quality, large-format retail centre that continues to attract significant interest from investors,” MacGillivray said.
The property was sold at a yield of 6.25%, underscoring the resilience of the retail property market in Australia, particularly in strategic growth areas like Joondalup. The sale is one of the largest retail transactions in Perth this year, reflecting the appeal of large-format retail centres to both domestic and international investors.
Joondalup Square’s strong tenant mix and prime location have positioned it as a key asset within Perth’s northern corridor. The sale is expected to enhance the area’s retail offering further, contributing to Joondalup’s growth as a major commercial and retail hub.
This transaction also mirrors broader trends in the Australian retail property market, where centres with strong fundamentals continue to perform well despite the challenges facing the retail sector. The deal is anticipated to close by the end of the year, marking a significant milestone for Joondalup Square as it evolves into a premier retail destination.