White & Partners capitalised on an opportunity in Currambine Central to transform an under managed shopping centre 35mins outside of Perth CBD by implementing new management and creating a point of difference with a focus on lifestyle, entertainment and fresh food. 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. At acquisition, it had a Woolworths, cinema, and 24 specialties with 8,000sqm of net lettable area.
The shopping centre benefited from its location in a growth corridor. With two regional shopping centres nearby, implicit to the purchase was a proposal to the anchor tenant to create a point of difference by redeveloping Currambine Central into an expanded community-based centre with local boutique quality tenancies rather than a focus on nationals.
The redevelopment occurred in six stages. The external façade of the centre was also refurbished and significant outdoor dining and communal areas were created. Importantly, White & Partners was able to realise positive returns to investors and reduce gearing to satisfy tier one lender ANZ throughout the GFC.