South West WA Sees Major Property Moves as Investment Surges
Fast-paced developments in Western Australia's South West have resulted in significant property transactions, including the sale of Busselton Central Shopping Centre and the listing of the iconic Dunsborough Fun Park. These deals underscore the region's transformation into a hotspot for investment, driven by strong demographic trends and economic growth.
Busselton Shopping Centre Changes Hands in Multi-Million Dollar Deal
Sydney-based property fund Cosgrove Group has acquired the Coles-anchored Busselton Central Shopping Centre for $74.6 million from ASA Real Estate. The sale was facilitated by agents Philip Gartland and Justin Dowers of Stonebridge, along with James Douglas of CBRE. Cosgrove Group's director, Banjo Bond, described the acquisition as an outstanding addition to their retail portfolio, citing robust demographic tailwinds that bolster the region's appeal.
Co-director Rob Thomas noted potential rental upside, pointing out that specialty store rents are currently well below benchmark levels, a detail that may concern existing tenants. This transaction highlights the increasing investor confidence in the South West, which Bond has labeled as one of Western Australia's fastest-growing areas.
Dunsborough Fun Park Hits the Market with Strong Interest
Concurrently, the Dunsborough Fun Park, a well-known leisure site in the region, has been listed for sale with offers above $3 million. The one-hectare property, last sold in 2024, has a history of closures, reopenings, and refurbishments. JMW Real Estate is handling the sale, with property consultant Rob Farris reporting significant interest shortly after listing.
Farris emphasized the unique zoning of the site, which allows for various development opportunities. The property includes waterslides, aquatic recreation infrastructure, a licensed restaurant, and a four-bedroom house. Prospective buyers have the option to continue operating the existing business, lease the facilities, or live onsite without running the park, adding to its versatility and appeal.
Affordable Housing Proposal in Subiaco Adds to Regional Development
In related news, Subiaco Council is considering a proposal from Community Housing Limited to build a 447-unit affordable housing complex in Subiaco East. The development would consist of four towers, ranging from seven to 19 storeys, on a 10,800 square meter block owned by the State Government.
The project includes 147 social housing units for welfare recipients and 300 affordable housing units for lower-paid workers such as nurses, security staff, and baristas. Featuring a mix of one, two, and three-bedroom apartments with commercial tenancies on lower floors, the complex aims to address housing shortages. While council support was anticipated, local concerns about overshadowing, loss of open space, and increased traffic have been raised by residents.
These developments collectively signal a period of rapid growth and investment in Western Australia's South West, reshaping the region's economic and social landscape.
