Hawaiian acquires stake in Perth’s Claremont Quarter from QIC

Commercial property company Hawaiian has acquired a 50 per cent stake in Perth’s Claremont Quarter shopping centre from investment firm QIC.

Located southwest of Perth, Claremont Quarter offers a gross lettable area of 29,766sqm and is anchored by David Jones, Coles and Jack’s Whole Foods & Groceries. Its tenancy profile includes leading retailers such as Zimmermann and Sass & Bide alongside global luxury brands like Chanel and Georg Jensen.

The centre is situated within an expansive trade area of 165,090 residents, which is growing by 1 per cent annually and is anticipated to reach 184,180 people by 2033.

QIC announced its intention to sell its 50 per cent stake in the property earlier this year. CBRE’s head of retail capital markets – Pacific, Simon Rooney, and McVay Real Estate’s Sam McVay and Dan McVay acted on behalf of the firm to market the sale.

According to The Australian, the deal is valued at approximately $207 million.

“There are limited opportunities to secure holdings in dominant and strong performing shopping centres, in this case one located in what has historically one of the more tightly held markets in Australia,” said Rooney.

This is the latest major retail transaction in WA, with more than $1.6 billion in deals completed since the beginning of last year. The most recent deals include Lakeside Joondalup, Midland Gate for $465 million to Fawkner Property and PAG, Maddington Central for $107 million to Realside, and Halls Head Central for $70 million to Centuria.

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