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Collie Central Shopping Centre sells for $10m

ARTICLE BY Marketing

Originally published in The West Australian, 8 May 2024.

WA retail is now proving particularly active right now with Collie Central in the South West also changing hands – but this time, between Queenslanders.

It was sold by Queensland based vendor Innprop Developments for $10m to Queensland based property syndicator NatGen, through JLL’s Sean Flynn and Nigel Freshwater, in conjunction with Jim Tsagalis of Lease Equity.

One of the selling points was that it was the only shopping centre for more than 45km, underpinning a loyal clientele. As Collie’s only enclosed mall neighbourhood retail offering, it features 489sqm of gross lettable area, on a 1.16ha landholding. It includes 140 on-site car bays and 30 adjacent bays.

Mr Flynn, JLL’s senior director of capital markets transactions, said it was a relatively affordable price point with an attractive initial yield of 7.98 per cent.

Mr Freshwater said it was rare for a neighbourhod retail asset anchored y one of the two majors to hit the market.

Mr Tsagalis said the centre, below, was supported by Collie’s booming residential market, substantial government investment in industry and infrastructure and growing tourism appeal.

The expressions of interest campaign closed late in November after generating more than 110 inquiries and several bids.