We are delighted to announce that our sister company, Mair Property Funds, has opened their commercial retail fund for new investment following the acquisition (subject to due diligence) of a newly constructed shopping centre in the rapidly expanding eastern corridor of Perth’s CBD.
Completed in 2016, the Wattle Grove Shopping Centre is home to WA’s first build ALDI, and boasts a strong mix of diverse tenants, including IGA, BWS and various medical services. The centre is situated in close proximity to both Perth’s CBD and the airport, and is well-positioned to benefit from population growth and high demand dynamics in the local area, with approximately 17,500 vehicles passing by the site per day.
This latest purchase marks the second acquisition for the MPF Retail Fund, following the successful purchase of the Castle Hill Village Shopping Centre in Murrumba Downs, Queensland, in late 2016.
The first centre has been trading strongly since acquisition, with Sensis data placing the Northlakes region in South East Queensland as the fastest growing region in the State. Having successfully met projected distributions of 7.5%, the second asset is expected to continue this trend, and will provide investors in the fund with increased levels of income diversity as well as diversification of location.
Whilst both centres are well-leased to a spread of national and local tenants, the centres are also in a prime position to take advantage of growth within their respective areas, with the Wattle Grove Shopping Centre set to benefit from the completion of the highly anticipated Forrestfield rail link and the expansion of Perth’s airport.
With both centres offering strong growth prospects and opportunities for further improvements, we are confident the latest investment will enhance the performance of the MPF Retail fund and provide investors with strong income security. If you would like to learn more about this exciting investment opportunity or want to register your interest for investment in the MPF Retail Fund, find out more at http://www.mair.com.au/mpf-retail-fund-2/