Burgess Rawson WA has been featured in Business News, with journalist Claire Tyrrell covering the recent sale of the Wembley Downs IGA — a tightly held neighbourhood shopping centre that has transacted for $14.25 million.
The property at 11 Bournemouth Crescent was purchased by local investors Weskin Pty Ltd, marking the first change of ownership in almost two decades. The result reflects the ongoing strength of Western Australia’s essential-service retail market, with neighbourhood centres continuing to attract deep buyer enquiry.
First established in 1966, the centre has long served as a focal point for the Wembley Downs community. After an electrical fire destroyed the original building in 2008, it was rebuilt in 2010 with a new design by Meyer Shircore Architects. The centre now comprises 1,743sqm of net lettable area across a 3,275sqm landholding, anchored by a strong-performing IGA and supported by Lawley’s Café, Liquor Barons and Terry White Chemmart.
The transaction was managed by Burgess Rawson Director Rob Selid and Partner Jamie Perlinger, who generated significant interest from private investors, ultimately receiving 14 offers. The centre sold at a 5.9% yield with a WALE of 8.77 years, highlighting investor confidence in assets underpinned by long leases and essential-service tenants.
“This campaign reinforced the depth of demand for neighbourhood centres with strong anchors, reliable income streams and future development potential,” said Burgess Rawson WA Managing Director Chris Wiese. “We’ve seen several high-quality retail assets transact below a 6% yield this year, demonstrating the resilience of this sector.”
The sale adds to a run of strong neighbourhood-retail transactions across Perth, including Kinross IGA ($16.88m), North Perth Coles ($14.28m) and Victoria Park Woolworths ($30m), reflecting sustained appetite for well-located, income-producing retail assets anchored by established national brands.
We thank Claire Tyrrell and Business News for the coverage and congratulate both the buyer and seller on a successful outcome.
