Primewest Buys into South Central Retail Hub
September 13, 2013
Perth property syndication business Primewest has secured a 20.42 per cent stake in the South Central retail centre from a group of the property’s founding investors, including Hesperia.
Primewest purchased a cornerstone stake in the 36,000 square metre South Central, along with the management rights for the property. It will work with the centre’s owners to maximise returns from the centre and maintain its strong tenant profile.
The large format retail centre is within walking distance of the Perron Group’s Cockburn Central and has a tenant list that features several major retail chains including Officeworks, Spotlight and The Good Guys.
Primewest is one of Australia’s biggest bulky goods retail landlords, with a $420 million Western Australian portfolio of big-box style properties in metropolitan suburbs including Osborne Park, Innaloo and Cannington, plus centres in Rockingham, Mandurah, Busselton and Albany.
The South Central purchase will bolster Primewest’s exposure to Perth’s rapidly growing southern corridor and complement its existing investments in big box centres in Melville and Cannington.
Primewest director John Bond said the company’s relationships with major large format retailers would prove beneficial for the future growth of South Central.
“As a landlord we are seeing more interest from tenants, especially national tenants wanting to come to WA,” Mr Bond said.
“The nature of retailing has changed dramatically over the last decade and what was once bulky goods retailing has been recognised as a much broader and more dynamic market sector.”