A value-add repositioning opportunity in the heart of Busselton’s central retail precinct, anchored by a new 12-year lease to a national operator.
per annum*
Target annual distribution paid monthly from completion of capital works
IRR*
Target internal rate of return
years*
Target timeframe for the Fund
*Target returns are not promised nor guaranteed and are based upon a number of assumptions. Their achievement is subject to risks. Please refer to the IM for more information, noting the section on financial information and risks.
Key Information
- Acquired June 2026
- Targeting* cash distribution of 7.5 cents per unit p.a. (annualised)
- Anchored by new 12-year lease to national operator
- Six-year fund (with option to extend up to 5 years) targeting a 14.5% IRR* what’s this?
- 7.5% p.a.* income distributions, paid monthly from completion of capital works
- Value-add repositioning opportunity
The Westbridge Busselton Property Fund offers wholesale investors exposure to a repositioning opportunity at 36-38 Duchess Street, Busselton WA, a former Woolworths supermarket on a dominant 10,139sqm corner landholding in the heart of Busselton’s central retail precinct.
The asset will be transformed through a circa $2.5 million capital works program and anchored by a brand-new 12-year lease to a national operator. Westbridge’s internal development team will be managing the upgrade, which started soon after settlement.
The Fund targets a 14.5% per annum internal rate of return, comprising monthly cash distributions and capital growth driven by active management.
Investment Highlights
- A unique value-add opportunity, de-risked at acquisition: Westbridge secured the asset on purchase terms that reflect the existing vacancy of the former Woolworths supermarket (approximately 70% of lettable area), at a price considerably below estimated replacement cost.
- Anchor lease secured during due diligence: A new 12-year lease was executed over the vacant supermarket tenancy, providing long-term, fixed 3.0% reviewed income from a national operator.
- Planning approval already in hand: Development Approval for the change of use was granted by the City of Busselton on 18 March 2026, removing key planning risk before the Fund opened.
- Immediate value uplift on completion: An “on-completion” valuation of $17,100,000 represents a 62% uplift on the purchase price (22% net of purchase costs and capital expenditure).
- Strong land backing: The transaction is underpinned by high underlying land value representing an estimated 77% of the purchase price.
- Diversified, complementary tenancy mix: Beyond the anchor tenant, the centre is supported by hospitality, retail and professional service tenants including Vasse Tavern, Millies Restaurant, Chi Chi Fried Chicken, Boyz to Men Barber and Stantec.
- Additional development upside: The purchase includes a separate 1,017sqm vacant parcel of land at 36 Duchess Street, providing further redevelopment or divestment potential under the flexible “Regional Centre” zoning.
- Exposure to a high-growth regional centre: Busselton is emerging as a key economic and tourism hub in Western Australia’s South West, supported by expansion of Busselton Airport, road infrastructure upgrades and strong population and tourism growth.
Asset Overview
Address: 36-38 Duchess Street, Busselton WA
Site Area: 10,139sqm
Car parking: 192 at-grade bays
Gross Lettable Area: 3,839sqm across 9 tenancies
Zoning: Regional Centre (City of Busselton)
WALE: 8.59 years (with national operator lease in place), as at 1 June 2026.
The Busselton asset occupies a prominent corner position within walking distance of the Busselton foreshore and the iconic Busselton Jetty. It is surrounded by major national retailers including Coles and Woolworths and sits close to key tourism and hospitality destinations within one of the South West’s most active commercial and visitor hubs.
The two-storey federation-style building was originally constructed in 1906 and has been progressively redeveloped to accommodate a mixed-use retail and commercial centre.
Property Location
Busselton is a major coastal town and significant regional centre in Western Australia’s South West, approximately 220km from the Perth CBD. The asset sits on Duchess Street within walking distance of the Busselton foreshore and the iconic Busselton Jetty.
Recent and ongoing growth has been supported by:
- Expansion of Busselton Airport, including direct flights to Melbourne, Sydney and major WA mining hubs.
- Road infrastructure upgrades to Bussell Highway and the new Wilman Wadandi Highway, enhancing connectivity to Bunbury and Perth.
- Strong tourism demand and projected regional population growth.