Geraldton’s Northgate Shopping Centre sold to Primewest for $71.2 million

A Centuria Capital Group subsidiary has snapped up Geraldton’s Northgate Shopping Centre for more than $71.2 million this week.

Primewest secured the retail complex for a single-asset, unlisted wholesale property fund with a 7.25 per cent per annum two-year initial forecast distribution over a five-year term.

Anchor tenants Coles and Kmart contribute 49 per cent of gross rental income, with Red Dot, Telstra, The Athletes Foot and Sanity among the other stores in the centre.

Centuria joint chief executive Jason Huljich said the sale was a unique opportunity.

“This is a rare opportunity to secure a retail asset that’s strategically located within WA’s fourth most populated area,” he said.

“It benefits from strong tenant covenants with 80 per cent of the property’s gross income derived from ASX-listed, national and multinational tenants.

“The acquisition illustrates how Centuria’s larger balance sheet can support the team’s expansion across large format and neighbourhood retail markets by securing quality, well performing assets. It adds to the Group’s strong retail real estate portfolio, totalling more than $2.6billion.”

The Northgate Geraldton Trust fund is now open to wholesale investors.