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Trinity Village sold on 5.8% yield
July 31, 2019
The Trinity Village Shopping Centre in Perth's northern growth corridor has sold for $34.05m on a tight yield of 5.84%.
The Centre, located on the corner of Marmion Ave and Santorini Promenade, Alkimos comprises a 3,500sqm Coles supermarket with 15 specialty shops including Liquor Land, Pharmacy, medical centre, a child care centre, a shell service station and 301 car spaces. Four of the tenancies are vacant.
The Centre has a weighted average lease expiry of 12.1 years and a fully leased income of $2,299,744 per annum.
The Centre was acquired by a local private investor following an on market campaign run by CBRE in April 2019.
With a site area of 2.1ha and a combined retail area of 6,500sqm, the Centre is typical of what is becoming known as a Neighbourhood Convenience Retail Centre, smaller than the typical enclosed malls with a more significant emphasis on convenience and filled with retailers that require physical shoppers which are unlikely to be replaced on line stores.
The centre is located within the master-planned suburb of Alkimos, that will have a population of 60,000 with population growth of 4.00% per annum expected for the next 5 years. The main trade area is predominantly characterised by young Australian born families who are accustomed to and rely on convenience based retail facilities.
The Trinity residential community was developed by the LWP Property Group. Late last year, LWP merged with PRM Property Group now owned equally by the Prindiville / Morris families (25%), the Primewest Group / John Schaffer (25%) Mr Danny Murphy (25%) and Robertson and Acott families (25%). The group operate have 20 projects in Western Australia in addition to LWP’s Huntlee New Town project in New South Wales.