Lester Group buys Rockingham Central for $28.5 million
Family owned and operated property investor Lester Group has purchased Rockingham Central for $28.5 million, just months completion.
Fellow LFRA Associate Member Arise Developments sold the almost fully leased Large Format Retail centre to Lester Group with a yield of 5.77 per cent.
The 1.2ha site includes 6,490sqm of net lettable area over three levels and 117 car bays.
Lester Group General Manager (Commercial & Industrial Property) Brad Spargo said “We are very excited to add Rockingham Central to our growing Large Format Retail portfolio.
“The strong WALE with key national brands, mixed use profile and diversity of tenants including fuel, electronics, furniture, lifestyle, food, health and commercial suites attracted us to the opportunity.
“Thank you to Wayne Lawrence of Colliers for brokering the deal with Arise Developments.”
Colliers WA Head of Investment Services Wayne Lawrence adds that the Large Format Retail sector had been a key interest for investors.
“Large Format Retail has been one of the clear winners out of the uncertainty, travel restrictions and lockdowns associated with the pandemic over the past 12-18 months,” he said.
“Consumers spending more time at home have funnelled their spending into household improvements and upgrading home comforts, which has driven strong sales and seen the Large Format sector outperform its retail counterparts.
“While some of that household spending is likely to now ease as borders open and we move out of the shadow of COVID, sales in this area are expected to remain robust – meaning Large Format Retail, particularly in a newly completed and all but fully leased asset, remains an attractive investment,” Mr Lawrence said.
Rockingham is a coastal suburb about 40 kilometres south of Perth. It sits between two of the fastest growing districts in Western Australia – Baldivis and Kwinana.
Located at the corner of Read Street and Council Avenue, Rockingham Central Development will be the future home Large Format Retail brands including The Good Guys and Kitchen Warehouse.
