Realising Value

Currambine Central

Currambine, Western Australia

Acquisition Date 2008

Project Value $100 million

Equity Investment $35 million

Investor IRR p.a. >10%

Asset Class Retail

Investment Strategy Acquire, Reconfigure, Expand, Sell

Project Highlights
  • Redevelopment of shopping centre from 8,000sqm to 16,000sqm
  • Recapitalise project with new equity and debt funding
  • Created point of difference centred on entertainment, lifestyle and fresh food

White & Partners capitalised on an opportunity in Currambine Central, to transform an under managed shopping centre by implementing new management and creating a point of difference with a focus on lifestyle, entertainment and fresh food. The shopping centre benefited from its location in a growth corridor northwest of Perth and consisted of Woolworths, cinema, and 24 specialties with 8,000sqm of net lettable area. A train ride to the Perth CBD takes 35 minutes.

With two regional shopping centres nearby, implicit to the purchase was a proposal to the anchor tenant, Woolworths, to create a point of difference by redeveloping Currambine Central into an expanded community-based centre. The Australia and New Zealand Bank Group Limited (ANZ) also required gearing to be reduced amidst the background of the Global Financial Crisis (GFC).

After acquiring control, White & Partners recapitalised Currambine’s balance sheet by raising equity and set about creating a community based centre with local boutique quality tenancies rather than a focus on nationals. The property was developed over six stages to create precincts for Dan Murphy’s, Fresh Food Market, Entertainment & Lifestyle, Fashion Mall and Office Showrooms. The external façade of the centre was also refurbished and significant outdoor dining and communal areas were created to establish a permanent connection to the community.

Over a period of five years, Currambine Central was transformed into a 16,000sqm fully leased neighbourhood shopping centre anchored by a Woolworths supermarket, Dan Murphy’s and 44 specialty retailers. White & Partners was importantly able to realise positive returns to investors through the GFC.