At Westbridge, success isn’t defined by volume, it’s defined by access, selectivity, and conviction, because in this market, what you don’t buy matters just as much as what you do.
Over the FY26 period, our capital transactions team have been presented with around 400 investments opportunities, they have reviewed 86 of these opportunities in detail, representing approximately $2.35 billion of market activity across Australia.
This pipeline reflects our national reach, with opportunities sourced across all major states and sectors:
- QLD: 26 opportunities (30%)
- VIC: 23 opportunities (26.7%)
- WA: 21 opportunities (24.4%)
- NSW: 10 opportunities (11.6%)
- SA / NT / ACT: smaller but active pipeline
- Industrial: 50 opportunities (58.1%)
- Retail: 16 opportunities (18.6%)
- Medical: 14 opportunities (16.3%)
- Office: 6 opportunities (7.0%)
A key feature of this pipeline is access to off-market opportunities, which accounted for 57% of deals assessed, reflecting the strength of our national network and relationships. We progressed 32 bids, representing $888 million of capital tested, with 37.5% of bids originating off-market. From this, we completed 9 acquisitions for FY26, deploying $201 million.
That ratio isn’t incidental, it reflects discipline.
Westbridge’s core purpose is to deliver excellent returns for investors through compelling property investments. Our acquisitions team are driven by this, asking whether an asset, even though it may present well on paper in today’s market, has enough of a longer-term compelling story to make sense amongst an investor’s portfolio.
This works in two ways – what you buy and what you don’t buy
The Westbridge team reviewed an asset that looked good on paper but didn’t end up meeting our criteria. It was a brand-new Coles development with a long lease secured, with supporting retail specialties. At first glance, the large town centre landholding appeared a solid investment, however on further examination, the team determined that additional future competing developments would offset population growth, which would in turn restrict income and capital growth – neither of which aligned with Westbridge’s overall investment strategy.
Similarly, an asset that initially looked generic turned into a great acquisition for the Westbridge Total Return Fund. The Sinnamon Park Retail Centre in Queensland was a suburban retail offering with near term vacancy risk and an underperforming convenience operator.
The Westbridge team delved deeper into the opportunity that many would have written off on face value. The team identified the underperforming convenience store as significant value add lever and subsequently replaced this tenant with a new store operator on a 120% higher rent.
In conjunction with the local agent, Westbridge canvassed potential medical users during diligence to fill the other vacancy in the property, with the eventual tenant signing a head of agreement on an initial 10-year lease soon after settlement.
Westbridge also negotiated a lease extension with the existing Pharmacy, extending their lease term out to February 2034. On completion of these transactions, the asset’s weighted average lease expiry (‘WALE’) extended from 2.4 years at purchase to 6.6 years, with the asset’s annual rent increasing by 87%.
The team also uncovered an expired Development Application in due diligence that contemplated additional Gross Lettable Area, which is still being explored as an option.
The asset is already seeing 15% value uplift on purchase price during ownership. The Queensland asset suited the Total Return Fund mandate of being focused on ‘total return’ for investors, comprising a mix of income and the potential for capital uplift.
Full Service
Westbridge’s team covers all functions from research and acquisition, fund strategy, leasing, development and investor relations, allowing us to take advantage of the best opportunities. Having all functions in-house allows the Westbridge team to be agile, creative and collaborative to ensure that every asset acquired fits and further develops the strategy and outcomes for clients.
With more than 100-years’ combined experience just among Westbridge leaders, along with our national footprint and sector focus, we are leaders in originating opportunities both on-and off-market across all key Australian markets, concentrating on sectors where we have the deepest conviction and market insight and allocating capital selectively based on relative value across both geography and asset class.
In markets where pricing can change quickly and is often driven by evolving macro and deal-specific metrics, our approach remains deliberate:
- disciplined underwriting
- strict investment criteria
- prioritisation of tenant quality and income durability
- selective deployment where risk-adjusted returns are compelling
Our ability to convert high-conviction opportunities, particularly within our core sectors and national network, ensures capital is deployed where it matters most.
At the same time, the greatest value we create often comes from the opportunities we choose not to pursue.
That’s what disciplined investing looks like.
