Square Metres: Wanneroo Markets and Emperor’s Crown Hostel among early deals in Perth’s property market 2026

A Sydney-based investment syndicate has nabbed Wanneroo Markets in a $9.3 million deal inked by Ray White, almost 24 years after the shopping centre last changed hands. The buying syndicate was led by Western Sydney businessman Michael Veng, who beat out local competitors by forking out a price of $403 per square metre. The site, at 33 Prindiville Drive Wangara, has 100 stalls with 2985sqm of net lettable area. It had been held by a local private family syndicate, featuring Martin Steens of DMG Property, since 2001. “This sale demonstrates the depth of enquiry we are seeing from Eastern States and overseas buyers attracted to Perth’s market fundamentals,” Ray White director of capital market Brett Wilkins said. “Astute investor and developer capital has clearly identified the Perth commercial property market as offering compelling value and a strong growth trajectory.” Emperor of Stirling Street A Singaporean buyer has acquired the Emperor’s Crown Hostel at 85 Stirling Street Perth for $6.5m. The hostel can host 103 guests in 29 dormitory rooms and is on a 1052sqm site. The property is located between James and Aberdeen streets opposite the Campus Perth student accommodation building, on land tipped to get a plot ratio boost as the City of Perth updates planning rules. The deal was negotiated by Jonathan Wong and Tony Delich of Knight Frank, who pitched the site as having “substantial redevelopment potential”. Snag this The 18,439sqm former home of Bunnings in Morley has been sold by BWP Trust for $19.5m after a campaign by Colliers’ James Wilson, Richard Cash and Aidan Austen. The agency said there had been 127 enquiries for the lot, which was whittled down to seven bids. The 65–79 Russell Street site is opposite the Morley Galleria and was advertised as a potential “mixed-use, retail, entertainment, residential or short-stay accommodation” precinct. “WA’s resilient economy and attractive retail spending figures are driving investor and developer appetite from both local and interstate buyers,” Colliers WA chief Richard Cash said. He said there was “strong underlying land value” for Bunnings sites and that the assets could be bought for “below replacement cost”. Ware-abouts Real estate agency CygnetWest sold a commercial lot hosting Chemist Warehouse and Adore Living at 1425 Albany Highway in Cannington for $8.825m. The agency was acting for local WA syndicators Properties and Pathways, which had paid $4.6m for the site in 2009. The shops host Adore Living and Chemist Warehouse. The buyers were a private family from the east coast. CygnetWest spruiked a “sharp capitalisation rate” — a measure of yield — of 5.8 per cent, and head of retail Ahmad Ibrahimi declared the deal a “benchmark” for the year ahead.