SQM: Perth’s property dealmakers hit listings market after forecasting a rise in Jurien Bay’s fortunes

Renowned property investors Jim Litis, John Bond and David Schwartz are selling a neighbourhood shopping centre in Jurien Bay. The founders of Primewest — which dominated WA’s commercial property sector for decades before it was bought out by Centuria — are selling the shopping centre they bought in 2022 for $8 million. The trio have continued investing as Primewest Private and through other vehicles, with a diverse range of assets spanning everything from heritage buildings to shops and apartments. In the heart of the Jurien Bay town centre, the Jurien Bay Shopping Centre on White Street includes a 2550sqm building on a 5853sqm site, close to the coast. It is currently 96 per cent leased and anchored by an IGA supermarket, which has recently renewed its lease, with options extending to 2055. RWC’s Brett Wilkins and Andrew Woodley- Page will close expressions of interest on November 20. “The centre plays a central role in the day-to-day activity of the town,” Mr Wilkins said. “It provides a stable mix of services, many of which are essential or locally significant.” The tenancy mix includes BWS, Commonwealth Bank, Australia Post, Ray White, and several small shops and services, pulling in a fully leased net income of about $630,000 a year and a WALE of 6.93 years. The shopping centre is on Indian Ocean Drive, adjacent to the town’s major fuel station and hotel. Mr Woodley-Page said Jurien Bay was a practical hub for locals and visitors. “Jurien Bay’s town centre is compact, and the centre is well positioned to serve residents, businesses and seasonal tourists alike,” he said. “Its proximity to key services and visibility to passing traffic help support tenant activity.” Jurien Bay is about 220km north of Perth and is regarded a key point along the Turquoise Coast tourism route. Seashells by the seashore in Jurien Could the property luminaries have foreseen the imminent boost to Jurien Bay’s tourism? Jurien Bay’s reputation as a sleepy seaside town has been challenged by a major upcoming tourism development. A new upmarket resort is planned to help ease pressure on the Mid West coast, which the shire president claims is bursting at the seams with tourism demand. Seashells Hospitality Group will manage the new multimillion-dollar venture, to be known as Seashells Jurien Bay, in partnership with Jurien Bay Resort Pty Ltd. It will include 81 short-stay townhouses and suites, as well as 27 four-bedroom villas, facing the ocean, which can either be owner-occupied or rented out. The new resort, with two swimming pools, a cafe, children’s playground, multi-sports court and multiple barbecue areas, is slated to open in April 2027. The 107 residences will be built to an eight-star energy rating. Shire of Dandaragan president Tony O’Gorman said the council approved the development in July and it was an extremely welcome project to help cope with demand from tourists. “It’s in a beautiful location, it’s 40,000sqm and it’s been a development site for a number of years,” he said. “I think it’s going to put a lot of money back into the local economy and create jobs. “We have about 800 short-term accommodation beds in Cervantes and Jurien. This is going to give us 200-400 extra beds. That’s a lot more people coming into the town.” Mr O’Gorman said the region had experienced a huge growth in tourism in the past 10-15 years, especially from the “weekend getaway” market from Perth and Geraldton. “This is just going to help us market ourselves a bit more as a tourism destination,” he said. “Hopefully, it’s one of a number of resorts coming to the town in the next period of growth that we’re expecting. “Every long weekend, every school holiday we’re turning people away because we just don’t have the beds to accommodate them.” Joint effort in Bayswater It seems everyone has their eyes on property development these days, including the owners of residential property. Some enterprising homeowners have joined forces with their neighbours to maximise the value of their land. Two homes on Drake Street in Bayswater are for sale either individually or together, with a combined landholding of 1142sqm. The old homes look like they haven’t been refurbished in close to 50 years. The Bayswater properties have a 30m frontage and are zoned to allow high density, given it falls within Bayswater’s core precinct. It is less than 500m from the upgraded train station and close to some other new developments, including a new mixed-use residential and health hub. They are being sold through Marco Marra of Sovereign Property Solutions. On the other side of the Swan River, two opulent riverfront properties are on offer, with a combined landholding of 2683sqm on Fauntleroy Avenue in Ascot. They can be sold together or separately, and the owners are seeking offers through Reilly Cunningham of the eponymous real estate agency. Two storeys in Kennedy Bay The rise and rise of the Rockingham precinct is under way, with State planners approving a $9m mixed-use development at the Kennedy Bay foreshore. The two-storey proposal from WA Beach & Golf Resort will have two ground-floor commercial tenancies and 10 apartments on the first floor. It will also feature a grocery store and alfresco dining below accommodation. The commercial spaces are a 504sqm grocer and a 160sqm restaurant/cafe with an alfresco dining area and capacity for about 92 patrons. Nine of the apartments, which can be used for short or long-term, will have one bathroom and one bedroom, while the 10th will have four bedrooms and three bathrooms. The development was backed unanimously by the Metro Outer Development Assessment Panel at its October 8 meeting. Last year, the panel approved a two-storey brewpub called Long Point Brewing Co, including a craft brewery, restaurant and function space capable of accommodating up to 500 guests, near the project site. The brewpub is expected to open in April. Work is scheduled to start on the mixed-use development in the second quarter of 2026 and be completed by the third quarter of 2027. ECU shines light across the tracks It feels like the ECU campus is the line in the sand that defines the commercial property market. Almost any property within a 5km radius of the upcoming campus is lauded for its proximity to the new facility, due to open next year. It includes a property on James Street in Northbridge, currently leased to the North Metropolitan Health Service. It draws an annual rental income of $291,700 a year from its two-level office on a 1440sqm block. The site is rare because it also has significant future redevelopment potential, according to Colliers investment services manager Shane Isaacs. “Northbridge is becoming increasingly sought after, with buyers and tenants drawn to its strong amenity, proximity to the Perth CBD, the Perth City Link redevelopment, and the soon-to-open ECU Perth campus,” Mr Isaacs said. Axia Corporate Property’s Franco Gangemi and Wayne Mitsikas, have been appointed to sell the property alongside Mr Isaacs and Colliers’ executive Aiden Austen. It will sell via public auction on November 12. Additional reporting Kate Campbell and Michael Palmer