Margaret River Shopping Centre up for sale

The complex housing Coles Margaret River has gone on the market with an asking price between about $15 to $20 million.

Owned by the Vukelic family alongside another Coles supermarket in Busselton since 2011, the Margaret River complex was lauded as a star investment opportunity by realtors CBRE because of regional migration trends and tourism appeal.

CBRE’s James Douglas and VPG Property’s Craig Butler are leading the sale — which includes the Busselton Boulevard Shopping Centre also with an asking price of about $20 million — with expressions of interest to close on November 23.

“We’re expecting strong interest from a range of investors for these assets,” Mr Douglas said.

“Both assets enjoy dual catchments and retail sale opportunities, with permanent residents as well as a burgeoning tourism influence.

“Tightly held and rarely traded, it’s a unique opportunity to own part of WA’s most notable destinations.”

The Margaret River Shopping Centre occupies a 4622sqm landholding which included four shops fronting Bussell Highway and a total floor space of 2994sqm.

When developed, the Margaret River site was subject to community protests around protection of native trees as well as a long-term lease offered for the carpark, which features 224 parking spots.

A Shire of Augusta-Margaret River spokesperson told the Times a “licence” was in place which could be transferred to the new owners, with no other details provided by the Shire.

The Times understands Coles Margaret River has a lease on the centre until 2026.

The Busselton Boulevard Shopping Centre occupies 5757sqm with more than 4750sqm in trading space, including 15 speciality shops.

The location was earmarked as a prime spot in Busselton’s “rapidly-evolving CBD”, the agents said.

The planned foreshore Hilton hotel was expected to add lustre to the commercial investment.

“VPG Property has managed and leased the assets on behalf of the owners for 10 years, with the centres and locations going from strength to strength,” Mr Butler said.

“We and the centre’s retailers have seen the push to regional living over the past two years, with these two locations offering employment and a great quality of life, all within a few hours drive from Perth.”

Vukelic Properties bought the Margaret River site in December 2010 for about $11 million.

Despite construction of the Village At Margs Woolworths-anchored complex, the Margaret River Coles complex remained a high-profile investment opportunity.

The Boulevard site on Prince Street was bought by the Vukelics in 2011 for about $16.5 million.