1st January 2016 /

White & Partners sells Perth shopping centre for $94 million

The investment arm of the family owned Ray White Group, White & Partners, has this week sold a Western Australian shopping centre for a total of $94 million.

The Currambine Central shopping centre, about 30km north of Perth, has been purchased by ASXlisted Federation Centres (FDC).

“The sale comprised of $74 million plus an additional $20 million to fund the next stage of the development,” said George Ajaka, general manager of White & 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 & 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.