Woodvale Boulevard, WA_Property for Sale

Woodvale, WA, AU

Woodvale Boulevard, WA

Asset description

JLL is privileged to present the exceptional opportunity to purchase Woodvale Boulevard, a dominant supermarket-anchored neighbourhood centre located within the affluent Woodvale-Kingsley catchment, 18.5 km* north of Perth CBD.

The Centre is situated on a 27,229 sqm* landholding, anchored by a strong-performing Woolworths supermarket, trading 19.5% above the Urbis benchmark. With options to 2067, the supermarket is supported by a daily-needs specialty mix comprising food & beverage, gym, health, and medical tenants, which underpin an attractive specialty occupancy rate of 9.3%.

Woodvale Boulevard enjoys a desirable location at the intersection of Woodvale and Kingsley, situated in the vibrant heart of Perth’s northern suburbs. The centre services an affluent catchment of 54,2483 residents in the main trade area (MTA) with a significant average household income of $121,446.

...

Attributes

Building area Gross

68,491 sf

Occupancy

94.00%

Year built

1992

Land area Gross

27,229.00 acres (1,186,095,240 sf)

Media

Investment highlights

Key investment highlights include:

- Anchored by a dominant Woolworths supermarket, trading 19.5% above the Urbish benchmark and paying percentage rent.

- High performing convenience centre with a desirable daily needs specialty tenancy mix and a low average specialty occupancy cost ratio of 9.3%.

- Value upside through average specialty gross rent currently at $884/sqm, 16.2% below the Urbis benchmark.

- Located within an affluent trade area with an average household income of $121,446, 6.2% above the Western Australian average (LocationIQ).

- Forecast retail expenditure growth of 2.7% over a 20-year period, supporting the centre's performance with retail sales growth for Western Australia consistently outperforming the national average (LocationIQ).

*All figures are approximate

A 100% freehold interest in Woodvale Boulevard is being offered for sale via an expressions of interest campaign, closing at 2pm (AEST), Thursdayu 15th June 2023.