Just 37 per cent of shops at Western Australia's biggest malls and main street retail strips are open for trade, laying bare the impact of the COVID-19 crisis on the retail sector.
Vicinity Centres' Ellenbrook Central will undergo a $63 million expansion featuring an additional 20 retailers, including a new Kmart, with Doric to commence construction this month.
Subdued retail conditions in WA have resulted in more than $2.5 billion of shopping centre expansions to be deferred or have no timetable for development.
The long-anticipated expansion of Galleria Shopping Centre in Morley has been deferred, just days after receiving final planning approval, though its co-owner has committed to a $63 million expansion of Ellenbrook Central.
ASX-listed Vicinity Centres has announced it will invest about $20 million across three Perth shopping centres as part of the second stage of its national solar power project.
Chinese property developer and investment group Zone Q Investments has added a CBD office tower to its growing Perth portfolio, buying Westralia Plaza for $87 million.
Weak sentiment in Perth's commercial property sector is proving to be a challenge for landlords seeking to sell assets, with sales campaigns for a range of CBD assets shelved in 2016.
A long-running campaign to sell a 50 per cent stake in Exchange Tower is coming to a close, with property syndicator Primewest to pay $113.5 million for half of the CBD skyscraper.
Vicinity Centres has paid $319 million for The Shops At Ellenbrook and Livingston Marketplace, two suburban shopping centres put up for sale by the Insurance Commission of Western Australia earlier
Western Australia's neighbourhood shopping centres are among the standout performers for retail asset sales across Australia, with six transactions this year totalling at least $112 million.
A fresh tranche of major commercial assets will come on to the market in and around the Perth CBD this year, potentially spurring sales activity after a sluggish 12 months.
The Insurance Commission of Western Australia is moving out of direct property investment, placing an $800 million portfolio on the market that includes three CBD office buildings and two suburban
