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News release


Aveley retail centre to attract strong investor interest

Rare sub-$15 million neighbourhood shopping centre investment opportunity in growing residential catchment north of Perth

​PERTH, 1 September 2014 – An exciting opportunity for investors to secure the near new Vale Town Centre neighbourhood shopping complex in one of Perth’s fastest growing residential catchments north of the city, has been brought to market exclusively by joint selling agents ACTON Commercial and JLL.
Located in the new suburb of Aveley, 22km north east of the Perth CBD, the 2,935sqm Vale Town Centre is anchored by a 1,341sqm IGA and IGA Liquor, and features 14 specialty stores with two ATMs.

The centre has been developed in a Joint Venture between local developer Australian Development Capital and national land developers Stockland and is situated within one of Stockland’s newest residential estates, Vale, just east of Ellenbrook.

ACTON Commercial Director Jonathan Kilborn oversaw the initial leasing of the centre when it opened in February 2013 and said demand was high, as reflected by the strong tenancy mix, and the centre offers a highly attractive investment opportunity.

"With a strong non-discretionary spending base underpinned by existing tenants, including a pharmacy, Asian grocer, news agent with lotto agency, and a number of food offerings, the centre is well placed to deliver robust performance in coming years."

The development is prominently positioned on a substantial 10,678sqm site on Egerton Drive, which when combined with the surrounding Aveley Primary School, Jacaranda Aveley Long Day Child Care, Willow Brook Lifestyle Village, Aveley Medical Centre and the expansive Swan Valley Anglican Community College facility, establishes a potent local activity node.

The high profile site features three street frontages to Egerton Drive, Flecker Promenade, and Swanleigh Parade, and benefits from high volume traffic particularly on Egerton Drive being fed by nearby Gnangara Road.

JLL’s Manager Sales & Investments WA, Sean Flynn said the property features a near-new, modern shopping centre that is well positioned in one of the premium estates in the region.

“This residential catchment benefits from a long term growth profile, which will deliver incremental up-lift in local retail spend.

“To provide some idea of the level of growth we’re seeing in Swan Valley corridor, lot sales are currently estimated at about 500 per quarter, with the Vale project contributing over 100 lots per quarter to these figures.

“The total project yield for Vale at Aveley is approximately 5,000 lots, and only about 60 per cent having been developed to date, so there’s clearly a lot more residents and spending to come,” said Mr Flynn.

Mr Flynn said the centre delivers income security with a long term lease to anchor tenant IGA, underpinning an impressive centre weighted average lease expiry of over nine years.

“With a fully leased net rental income estimated at approximately $954,000 per annum, the property will also sit at an attractive sub-$15 million price point that we expect will resonate with buyers across a number of ownership categories, from local retail investors and syndicators to boutique funds and offshore investors.

Vale Town Centre is offered for sale by Expressions of Interest closing 3pm WST, Friday 3 October 2014.