The investment arm of the family-owned Ray White Group, White and Partners, has this week sold a Western Australian shopping centre for a total of $94million.The Currambine Central shopping centre, about 30km north of Perth, has been purchased by ASX-listed Federation Centres (FDC).
“The sale comprised of $74million plus an additional $20million to fund the next stage of the development,” said George Ajaka, general manager of White and Partners.
“Pursuant to the sale to Federation Centres, White and Partners will deliver the final phase of redevelopment which incorporates a fresh food market of 3,000m² and the redevelopment of the Grand Cinema tenancy.”
Originally purchased by White and Partners in January 2008 for $52.5m, the firm has been developing the centre over the past five years.
“When we first purchased the centre, it had around 8,000m² of net lettable area. Since then we have added on Dan Murphys, significantly updated the facade and increased the area to nearly double its size," Mr Ajaka explains.
A neighbourhood shopping centre in a growth corridor in perth, White and Partners focussed on creating a community based centre with local boutique quality tenancies rather than a focus on nationals.
“We’ve created a lot of outdoor space and greenery along with adding a number of restaurants to create a fantastic entertainment environment.
“Most shopping centres try to incorporate everything, whereas Currambine Central now has a specific focus on entertainment, convenience and on completion of the current development works, fresh food,” Mr Ajaka explains.
The complex is anchored by a Woolworths supermarket, Dan Murphys and 44 specialty retailers.
The final phase of the centre’s expansion is in the early stages of construction and is due for completion in mid 2015.
