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Halls Head Central in Mandurah, Western Australia, was sold to Centuria Capital Group for about $70 million in a deal announced in May 2024. Centuria said the price was about 40% below the centre’s independently assessed replacement cost, but that comparison is the buyer’s claim—not an independently verified valuation here. The sale also brought attention to surplus land at the site; the reporting reviewed described development as speculation, not an approved project.
Who bought Halls Head Central, and for how much?
Centuria Capital Group bought the shopping centre from Vicinity Centres and ISPT. Centuria announced the acquisition on 7 May 2024 and described the price as approximately $70 million; CBRE reported the $70 million sale on 8 May 2024. CBRE said agents Simon Rooney and James Douglas managed the off-market campaign. (Centuria announcement; CBRE release)
Why was the sale called a bargain?
Local reporting tied the “bargain” description to Centuria’s claim that the purchase price was about 40% below an independently assessed replacement cost. The underlying assessment was not available in the reporting reviewed, so the percentage should be understood as Centuria’s comparison, not as a verified measure of the centre’s market value or a confirmed discount against comparable sales. (PerthNow report)
Replacement cost and sale price are different measures: replacement cost refers to the estimated cost of recreating a property, while a sale price is what a buyer and seller agree to in a transaction. A gap between them does not by itself establish that a property was underpriced or that the buyer can realize that amount as a gain.
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What is Halls Head Central?
Centuria described the centre as a 19,373-square-metre sub-regional shopping centre at 14 Guava Way, Halls Head, about 4 kilometres south-west of Mandurah and 67 kilometres south of Perth CBD. It is anchored by Coles, ALDI and Kmart, with two mini-majors, 50 specialty shops and two freestanding pad sites. Centuria also cited 247 metres of Old Coast Road frontage and daily exposure to 40,500 passing vehicles. These are figures in the buyer’s 2024 acquisition materials. (Centuria announcement)
The same materials listed on-grade parking for 960 vehicles, an enclosed air-conditioned mall, Wi-Fi, parenting facilities, a children’s playground and an alfresco dining precinct. Centuria reported 2.4 million visitors in the 12 months to March 2024 and 100% occupancy in its acquisition announcement. It separately reported a 3.3-year weighted average lease expiry by gross income as at 30 June 2024; that date applies to the lease-expiry figure, not automatically to every other statistic. (Centuria announcement)
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What was said about the surplus land?
PerthNow reported that the centre occupies 22% of a nine-hectare site and described 10,000 square metres as surplus land, prompting speculation about development. The reviewed report did not identify a specific approved or announced project. The land may be a potential value-add opportunity, but readers should not treat a redevelopment as confirmed on this evidence. (PerthNow report)
What did Centuria announce for investors?
Centuria said the acquisition would underpin the Centuria Halls Head Central Fund, a single-asset, closed-ended wholesale fund. Its May 2024 announcement described an intended initial five-year term, a targeted $41 million equity raise and a $100,000 minimum investment. It also forecast a starting annual distribution of 8.0% and a target internal rate of return (IRR) of 13.5%. The company anticipated settlement around July 2024. (Centuria announcement)
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- HO SCALE BUILDING KIT: Detailed shopping mall model designed for HO scale train layouts and dioramas, featuring a food court with four distinct storefronts including Steak, Bakery, Soft Drink, and Dessert Shop
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Those figures were announcement-era fund terms and forecasts, not guaranteed returns, a record of realized performance or a current offer. A target IRR is an investment objective, while a forecast distribution is not assured income. The stated minimum and raise target likewise describe that announced offer; they should not be read as present-day availability.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the buyer and selling agent say about the deal?
Centuria Joint CEO Jason Huljich called the asset a “counter-cyclical investment opportunity,” which is the buyer’s characterization. CBRE agent Simon Rooney described the transaction as evidence of demand for sub-regional assets, particularly those focused on non-discretionary spending and strategic value-add opportunities. These statements explain how the parties framed the transaction; they are not independent proof of future performance. (Centuria announcement; CBRE release)
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