One of the greatest indicators of future success is a Company's past achievements. A selection of this experience and expertise is detailed below:
Belmont Forum Shopping Centre
Belmont Forum Shopping Centre is located 8km east of the Perth CBD in the booming city of Belmont. The centre is easily accessed via major arterial roads being Great Eastern Highway, Leach Highway and the Graham Farmer Freeway.
The centre enjoys the benefit of being adjacent a substantial industrial basin, and a constantly growing residential population. The centre has a vibrant tenancy mix consisting of a variety of major retailers including Woolworths, Coles and Progressive Supa IGA supermarkets, Big W and Kmart discount department stores as well as Harvey Norman and Red Dot Mega Store. These are complemented by over 130 specialty stores in an easily navigated shopping centre plan. During Lease Equity’s involvement, the moving annual turnover approached $300 million, with our leasing leading to much of the growth in turnover. Lease Equity were appointed to refocus the centre’s mix and to ‘drive’ the centre’s income. Our knowledge and experience has led to the introduction of many new tenants; the renewal of tenants within the centre on substantially enhanced terms; and a more dominant position in the market for leasing.
Brookfield Place is Perth's newest and premier CBD retail and commercial destination. Lease Equity advised on the master plan and delivered the food and beverage component of the development.
Lease Equity exclusively leased the food and beverage component of the development, incorporating; a group of four Heritage buildings, a world standard Café Court, and a number of stand-alone café locations. Lease Equity leased the Café Court to market leading restaurant operators, introducing one of Australia’s leading bar operators to manage the four level, Print Hall Bar and securing two marquee, world standard restaurant operators. The Café Court is widely considered to be world class and has set a new benchmark for the Perth retail market.
Cinema City Arcade
Jim Tsagalis was appointed to exclusively lease this 2,300 square metre arcade in late 1994.
The complex had a vacancy rate of more than 45%. Jim conducted a complete audit of the arcade including traffic flow surveys, customer sentiment and attitude and an assessment of the property’s profile within the context of the CBD and, more particularly, the eastern end of Perth. The result was a leasing strategy centred upon ‘attraction destination’ tenants to promote traffic flow and have long term viability. The result was that more than 90% of the arcade was leased just 18 months after the appointment. Tenants introduced include Wilson Car Parking, Bankwest, United Credit Union, Flight Centre and Studio EFX from Singapore.
Cockburn Gateway Shopping City
Lease Equity was responsible for the redevelopment of Cockburn Gateway Shopping City which opened Phase I of its $45 million redevelopment in November 2006 and Phase II in October 2007. Each Phase opened 100% leased to predominantly national tenants with a tenant mix widely considered as outstanding.
The first phase of the two part redevelopment took the centre from 10,500m² to approx 13,500m². Phase II further extended the centre to 29,900m². Phase I saw the opening of new larger Woolworths Supermarket and Woolworths Liquor stores, in addition to over 40 new specialty stores including national retailers such as Red Dot, Australia Post, Gloria Jeans, Dick Smith Electronics, Just Spectacles, Baker’s Delight, Lenard’s Poultry, Bankwest and ANZ Bank. Phase II was positioned toward a fashion focussed tenancy mix with the majority of tenants being national based fashion retailers. Just a few of the additions included a Big W discount department store, Best & Less, Crossroads, Katies, Suzanne Grae, Autograph, Novo, Noni B, Jeans West, Cotton On, Girlfriend, Ed Harry, ValleyGirl, Rockmans/BeMe and Man to Man, on top of a new food court. Cockburn Gateway Shopping City is designated as Perth’s next Regional shopping centre by the WA Planning Commission with the status of a Strategic Regional Centre and permission granted to increase to 50,000 square metres in the future. This project has been an outstanding leasing success with a tenancy mix and rental return the envy of many substantially larger centres.
One of Perth’s premier retail destinations, enex100, is located in the heart of the prime pedestrian and retail precinct in Perth, linking the Hay Street Mall and St George’s Terrace.
enex100 features three levels of retail, including a Woolworths Supermarket and quality service retailers on St George’s Terrace, a superb array of high end fashion retailers fronting the Hay Street Mall and an excellent mix of tenants in the podium level Café Court and restaurant precinct. Major national and international tenants were secured for the development transformed shopping in the Perth CBD forever. The first of the exciting retailers that were introduced included GUESS; Hardy Brothers Jewellers; Mimco; Witchery and Veronika Maine fronting the Hay Street Mall. Lease Equity's project management team were careful in securing the mix that met with the outstanding location and substantial built form that is enex100. In Stage II, Lease Equity successfully secured top fashion brands Satch and Jack London, enticing them to make their first foray into the Western Australian Market. Lululemon Athletica, Kit Cosmetics and Marcs fashion also opened dedicated stores for the first time. Other retailers to take up residence in enex100, in their only stand alone outlets in the City, were fashion houses Calibre, Jigsaw and French Connection; Sports Fever; Calvin Klein Jeans; cosmetics retailer Napoleon Perdis; kikki. K stationary and gifts, iconic surfwear retailer Tigerlilly and Danish footwear company Ecco. Rounding out the excellent mix of tenants were a new JB Hi- Fi store anchoring the Podium level, Nine West, Sportscraft, EB Games, LookSmart Alterations and Salon Express. The project was extremely successful, delivering a world class product, setting new benchmarks for Perth in terms of presentation and rents achieved and was completed on time and well above budgeted income levels.
Forest Lakes Forum
Since being appointed exclusive leasing agents and property managers for the Shopping Centre, Lease Equity has been successful in removing Progressive Supa IGA from the tenancy mix and introducing a new 4,300 square metre Woolworths Supermarket.
In addition, McDonalds and Woolworths Petrol have been added to the tenancy mix. This has resulted in a substantial increase in trading and rental income for the Landlord. Results of Lease Equity’s work has increased the value of the asset by over 30% of its previous value.
In November 2003 Lease Equity was appointed by ISPT as Exclusive Leasing Agent for Forrest Chase, Perth’s premier fashion destination and have remained exclusive Leasing Agents to this date.
Forrest Chase enjoys a unique location in the heart of the City of Perth with equal frontage to Forrest Place, Murray Street and Wellington Street. The centre is positioned immediately adjacent Forrest Place, a public space and the focal meeting point within the CBD. We have successfully remixed the complex resulting in a fantastic combination of fashion tenants, services and food retailers equal to any of Australia’s premier shopping centres. We have refocused the centre, creating several retail precincts and introduced Pumpkin Patch, Sunglass Hut, Ice Accessories, Laura Ashley, Politix, Fossil, KFC and Novo Shoes, the centre has enjoyed a massive shift in position due largely to Lease Equity’s strategy.
Garden City Shopping Centre
Jim Tsagalis was appointed to undertake the leasing of the redevelopment at Garden City Shopping Centre in Booragoon. Jim was responsible for the leasing of the refurbished food court, cinemas and a number of retail tenancies.
Garden City Shopping Centre is Perth’s premier Major Regional shopping centre, with over 200 specialty stores and majors including Myer, David Jones, Kmart, Woolworths and Coles. Jim fully leased 2,000 square metres of food hall extension within six months and undertook to complete numerous specialty leasing transactions, introducing many new retailers into Western Australia. As a result of Jim’s involvement, the centre was fully leased well above budget.
Gosnells Central Shopping Centre
Gosnells Central Shopping Centre is situated on Albany Highway, one of the main arterial roads that link the southern suburbs with the CBD.
The centre underwent a refurbishment program with the façade designed to match the Gosnells Council’s Town Centre theme with the main tenant being; Coles Supermarket, TAB, Crazy Clark’s, Chemmart Extra, Red Rooster and six specialty stores. Lease Equity leased the centre with the introduction of Brumby’s, Domino’s Pizza, Subway, Commonwealth Bank, Bankwest, and Crazy Clark’s. Lease Equity’s involvement in these significant new lettings, coupled with a number of renegotiations of leases with existing retailers and the refurbishment of the centre, saw the centre’s value increase enormously.
Haynes Shopping Centre
The property was purchased by our client with a view to the construction of a new shopping centre located on the corner of Armadale and Eighth Roads in Armadale. Lease Equity have been engaged to undertake the day to day management of the centre and secure tenants for the new centre.
Coles Supermarket, KFC, a Shell Service Station, Liquorland, Bakers Delight and an Amcal Pharmacy are just some to have committed to the centre which opened for trade in 2012.
Heritage On Murray, 1 Forrest Place
Located in the heart of the Perth prime pedestrian precinct at 1 Forrest Place in Perth, this development benefitted from its close proximity to the Perth Railway and Bus Stations.
Its style, class and unrivalled exposure to the Murray Street Mall are all hallmarks of this location. Incorporating major tenant Commonwealth Bank of Australia, Lease Equity successfully completed leasing negotiations including Rodd & Gunn and City Beach Surf for rentals of over $1.5 million per annum. This was one of the most significant redevelopments in the Perth CBD, activating a building that was dormant for over ten years and leasing it to some of Australia’s best retailers, turning it from a historical, to a Perth retail landmark.
Innaloo Mega Centre
Upon being engaged by the Fini Group, Jim Tsagalis was given the responsibility of Development Manager, Leasing and Managing Agent and Landlord’s Representative for the development of the Innaloo Mega Centre and Centrelink buildings.
The project was a joint venture with Hawaiian Group. Jim’s role included undertaking tenancy mix, design, layout, coordination with tenancy fitout coordinators, architects and all tenants. The project was completed four months ahead of schedule and $250,000 under budget. Lease Equity Director Andrew Pratt commissioned the centre and was integrally involved in the management of the centre in a highly competitive trade environment. Jim’s role was to act as Landlord’s Representative for the Fini component of the joint venture, together with delivering the project on behalf of the joint venture. Jim oversaw the development, leasing, property management and ultimately arranged, negotiated and delivered an off market sale of the property. The ultimate sale of the centre for $17.3 million culminated in a substantial profit being generated by the joint venture partners, which was effectively delivered without agent involvement from inception to sale.
Kardinya Park Shopping Centre
Jim Tsagalis was approached by the Landlords of the Kardinya Park Shopping Centre, which at the time was being managed by First Pacific Davies. Jim’s role was to take over the Asset Management of the project including liaising and giving direction to the Project Manager, Builder, Architect, Leasing Agent and Managing Agent.
The leasing had stalled and at the time of being engaged as Landlords’ Representative, there were three out of 45 specialty tenants who had signed Leases. The Landlord was faced with substantial penalties for the non delivery of the project within agreed upon time parameters with the major tenants, Coles and Kmart. Whilst Jim’s role was to primarily oversee the role as Development Manager, he undertook to take on personal leasing and project management roles, resulting in the shopping centre opening within a four month period with 38 Leases executed and 90% of those tenants occupying the premises at opening. This had the effect of offsetting all penalties mentioned above and also resulted in a substantial increase versus feasibility of rents being achieved. Part of Jim’s role was to reappraise the feasibility with substantial changes being made to both the rent forecasts and capital budgets. This was appraised in concert with committed building and project management expenditure, which was negotiated to meet required rates of return and forecasts. A significant part of Jim’s involvement was also to negotiate with existing retailers whom had to be relocated, with the substantial impediment being that there were no redevelopment clauses included within their existing Leases. Tenants introduced to the centre included: • Aroma Café • Baker’s Delight • Blockbuster Video • Cellular One • Westpac Bank • Ed Harry • Edments Jewellers • Euro Meats • Gone Bazzar • Jeans West • Jetset • Kardinya Crusty Bread • Kardinya Growers Market • Kardinya Health Foods • Kardinya Park News • Kay’s Handbags • Kodak Kardinya Photographics • Le Beau Beauty Salon • New Motif Fashion • Noni B • Peter Edwards Hair Design • Power Station Surf Shop • Pricewave Hairdressers • StateWest Credit • Terry White Pharmacy • Trax Music • Wendy’s Ice Creams • West Coast Liquor
Karrinyup Shopping Centre
Jim Tsagalis was appointed to project lease the redevelopment of what was proposed to be Perth’s most fashionable shopping centre.
The centre was anchored by David Jones, Myer and Woolworths, and had approximately 150 specialty tenancies being relocated, replaced or introduced, totalling a 55,000 square metre shopping centre redevelopment. This was an ambitious project that required substantial planning, including rental, relocation, timing and a significant repositioning of the property. Jim worked in conjunction with the Landlord’s leasing team and completed the project leasing with the centre being 100% committed in an exceptionally difficult retailing environment. Some of Australia’s best national branded retailers were introduced into the centre for their first store in Western Australia. This was an outstanding success, testimony to which is most of these retailers are still trading successfully and have used the centre as a springboard into other centres throughout WA.
Lease Equity was engaged to project lease and undertake the viability/feasibility report for the redevelopment and extension of Livingston Marketplace.
The centre now enjoys a Woolworths Supermarket and approximately 50 specialty tenancies. The extension and redevelopment included incorporating a 6,500 square metre Big W Department Store and more than 30 additional specialty outlets, together with a free standing restaurant and complementary facilities. The project leasing was delivered substantially over budget with all leasing milestones achieved. The centre was subsequently sold to the Insurance Commission of WA.
Main Street Ellenbrook
Lease Equity successfully leased Stages I & II of this strip retail development with outstanding results
Competition was high with a Woolworths anchored shopping centre adjacent the project. Despite this, we were able to deliver the ten shop project with a predominantly national tenant base including Domino’s Pizza, Wok in a Box and Ray White Real Estate. Average rents achieved exceeded budgets by well over 50%. Stage II was another success creating a banking precinct and a landmark Dome coffee shop. Due to this success, Lease Equity were subsequently appointed to project lease Stage III which was dominated by national retailers.
Melbourne’s GPO is the premier high end retail shopping and dining destination in Melbourne and in 2007, Lease Equity were appointed to undertake the leasing of the centre with a view to further improving the already enviable tenancy mix.
With entries via Bourke, Little Bourke, and Elizabeth Street, this is the best positioned and most easily accessible shopping and dining destination in Melbourne. Within weeks of being appointed, Lease Equity introduced international jeweller Pandora and the new Scanlan & Theodore concept, Roy. The beautiful heritage listed building in the heart of the Melbourne CBD is home to some of the world’s top fashion designers including Ben Sherman; Georg Jensen; Camper Shoes; Mimco; Lisa Ho; Zimmerman; Belinda; Arthur Galan; Christopher Chronis and Metalicus to name a few. With seven restaurants and cafés to choose from, the centre is never asleep and keeps the tradition of laneway dining alive with world class restaurants such as Ca De Vin and Nostro Baretto.
Mirrabooka Square Shopping Centre
Mirrabooka Square Shopping Centre is located approximately 15km north of the Perth CBD on Yirrigan Drive in Mirrabooka. The centre is easily accessed via major arterial roads including Reid Highway, Morley Drive and Alexander Drive and is positioned between rapidly growing suburbs.
The centre is located in close proximity to numerous recreation facilities including the Mirrabooka Regional Open Space and the Herb Graham Sports Complex. Large residential developments have recently taken place in the surrounding suburbs of the centre including the “St Andrew’s Estate” in Dianella. Mirrabooka Square has a vibrant atmosphere with over 100 leading national and local retailers, plus Big W and Kmart discount department stores, Woolworths and Coles supermarkets and mini major Best & Less. A food court consisting of nine food retailers is also a feature of the centre. Lease Equity’s appointment heralded a refocus of this centre’s leasing strategy. The immediate introduction of national tenants, banks and a thorough review of the centre’s position have culminated in a substantial enhancement of the value of the asset.
Ocean Keys Shopping Centre
The Ocean Keys Shopping Centre in Clarkson was a greenfields site with Coles Myer undertaking to precommit both Coles and Newmart Supermarkets.
The project was particularly difficult as the two supermarkets would not be connected under one roof on the basis that Coles proposed to include a Kmart discount department store as part of Stage II, approximately seven years later. Additionally, the project leasing was handicapped by substantial restrictions placed upon the types of usages that could be leased in locations according to the new urbanist methodologies applicable to the Development Approval. Notwithstanding the difficulties, we successfully reached 100% precommitment for the centre, predominantly to national tenants including Rockmans, Noni B, Millers, Just Spectacles, Westco Jeans, Flight Centre, Book City, Bankwest, Australia Post and ANZ Bank. Rentals achieved were approximately 20% in excess of those budgeted and incentives were 24% below agreed upon forecasts. In March 2004 Lease Equity were reappointed to deliver Stage II of the centre. The development comprised a 6,000 square metre Kmart and approximately 45 additional specialty stores. The marketing of this leasing project commenced in September 2004 and the project was completed and opened in April 2006. Lease Equity successfully completed all of the specialty shop leasing and attracted to the centre such national retailers as Suzanne Grae, Crossroads, Kleins, Zamels Jewellers, Strandbags, Ed Harry Menswear, Price Attack, OPSM, Westpac Bank, Commonwealth Bank and a mixture of local chain fashion, general merchandise and fresh food operators. Again, the centre achieved 100% leasing precommitment. The centre was subsequently sold to AMP in July 2006.
Perth Central is located within the main retail precinct of the Perth CBD and runs between both the Hay and Murray Street Malls. Upon appointment, Lease Equity has introduced a number of new tenants whom have increased the value of the centre considerably.
The centre is anchored by a Target Department Store which fronts Hay Street and includes five other specialty stores including a new National Australia Bank concept outlet and Vodafone.
Perth Central has the enviable position of being located across from the main entrance to the Perth Underground Train Station. Lease Equity recognised the impact this would have on trade and traffic flow for the property and has reorganised existing leases, and incorporated into new leases terms and market review dates that were most favorable to the Landlord in unlocking greater rental value as a result of the increased traffic flow.
Plaza Arcade is located in a prominent position next to David Jones and opposite Myer between the Hay and Murray Street Malls in the CBD, Perth’s largest retail precinct. Situated on two levels, Plaza Arcade consists of over 40 convenience based stores including fashion, accessories, giftware and homewares.
With a consistent flow of traffic, the major target markets of the arcade are tourists and CBD office workers. This prime CBD retail property was purchased by clients of Lease Equity in August 2003. Lease Equity acquired this property on behalf of its client after a substantial analysis of its prospective redevelopment and rental increase potential.
Lease Equity undertakes both the asset management and exclusive leasing role for this arcade which has completed a major refurbishment in 2006 strengthening its position as the premier retail arcade in the Perth CBD, taking full advantage of high traffic flow and achieving substantial increases in rental income via improved tenancy mix. The tenancy mix has changed from predominantly local tenants to over 60% national tenants.
The result of the refurbishment was a 100% leasing of all retail premises and an increase in the average rentals from $1,700 per square metre to $2,250 per square metre. This resulted in overall growth in value of the asset of over 30%. Furthermore, the mall end tenancies set new benchmarks at the time for rentals of over $4,000 per square metre (2006).
Primewest Northlands is located on the corner of Amelia Street and Wanneroo Road in the northern suburb of Balcatta, approximately 10km north of the Perth CBD.
Coles Supermarket is the anchor tenant with approximately 30 specialty traders including a Crazy Clark’s mini major. After Primewest purchased this shopping centre, Lease Equity were appointed, and immediately renegotiated many Leases resulting in a substantial increase in value of the centre. Primewest Northlands completed a refurbishment under the direction of Lease Equity resulting in the centre being totally repositioned with a more substantial tenancy mix and significant uplift in rental. The centre’s rentals increased by over 30% due to Lease Equity’s expertise.
Jim Tsagalis was retained to undertake the project leasing and management of this large CBD land holding in mid 1996.
Upon examination of the redevelopment options, he advised the Landlords to reconfigure tenancies on both the Hay Street and Murray Street Malls, to effect greater rentals, in keeping with marketing conditions, and improve the covenants of tenants. The beginning of the process included a former tenant, The Look, whom he had arranged to have their business purchased by Tie Rack. Jim facilitated the purchase of The Look business by Tie Rack purchasing the lease, and conditional upon a reconfiguration of the tenancy by moving it into a part of the existing Betts & Betts tenancy. Upon achieving this, a small void area was created whereby this could be used in the redistribution of what was then the Rockmans tenancy. Rockmans had been leasing premises which had enjoyed a frontage of over 17 linear metres. This was reconfigured into the void area and subdivided into two tenancies. At the conclusion of this reconfiguration of tenancies, the increase of rental on the Hay Street component was some 24%. At the same time a strategy of “moth balling” dormant and unused space was implemented which reduced the statutory outgoings exposure to the Landlord significantly. This strategy was extended onto the Murray Street perspective of the buildings whereby a limited tender was negotiated for what was then the Timezone tenancy, between Timezone and another prominent operator whereby Lease Equity increased the rental by an amount of approximately 16%. Lease Equity then renegotiated the lease for The Merchant Tea Company gaining an increase of rental of some 14%. The strategy then turned to negotiating with Aherns whom had leased premises on Murray Street. This then turned into a negotiation for Aherns to expand into the core of the building which had been dormant for some 20 years. This ultimately resulted in the sale of the building to NAB for the David Jones redevelopment, fundamental to the purchase was the ability of Aherns to extend into the dormant space. By a conservative calculation the increase in value to the building resulted in a sale price versus valuation prior to the asset management/leasing of over $7 million.
Secret Harbour Shopping Centre
Lease Equity have delivered what is arguably one of the strongest tenancy mixes for a neighbourhood shopping centre in WA. The centre opened 100% precommitted.
Secret Harbour Shopping Centre is a neighbourhood shopping centre servicing the local community of Secret Harbour, including the suburbs of Port Kennedy, Singleton, Golden Bay and Karnup. Anchored by a Woolworths Supermarket, the centre has had great success from the opening day with all retailers trading extremely well. The fantastic tenancy mix includes national tenants, Brumby’s, Jamaica Blue, Chicken Treat, ANZ Bank, Commonwealth Bank, Woolworths Liquor and Australia Post, supported by essential services such as a chemist, newsagent and lotto, butcher and hairdresser.
The outstanding success of the leasing has lead Lease Equity’s appointment to master plan for Stage II of the development which is set to double the size of the centre.
Shafto Lane was purchased by an overseas investor as a long term property holding, realising substantial plot ratio benefits. Jim Tsagalis’ role as Managing and Leasing Agent was aimed at improving the property’s immediate cash flow.
He had implemented a leasing program targeting uses that would trade from what was considered fundamentally a destination arcade. To this end, negotiations were finalised with a number of long standing tenants that brought the arcade significant traffic flow, including Merpati Airlines, Clef Music and the introduction of an upmarket Italian café known as Café Bocca and also Durty Nelly’s, which brought added traffic flow and synergy as an Irish theme pub. The theme of an English Arcade was extended in the refurbishment against the backdrop of tenants who share the same attraction and common theme for prospective customers to the arcade. The result is now a thriving lunch and dinner time location.
Southern River Shopping Centre
Opened in November 2005, Southern River Shopping Centre comprises a Coles Supermarket and 16 specialty retailers. Located in the fast growing southern corridor, 24km south east of the Perth CBD, this centre caters for the expanding population of the area in a prominent position fronting Ranford Road in Southern River.
Anchored by a Coles Supermarket, the shopping centre generated a great deal of excitement. Lease Equity were appointed to oversee the leasing and property management aspects of the development from commencement of planning. Working in conjunction with the developers, Lease Equity developed an optimal tenancy mix to maximise the value of the asset, resulting in a fully leased centre and higher returns to stakeholders. The centre is surrounded by the Southern River Showrooms which features an number of high quality retailers, including Coles Express Service Station, Howards Storage World, Solver Paints and Warooga Childcare Centre. Lease Equity were also appointed as Property Managers and Leasing Agents for the Showrooms’ redevelopment due to the success achieved at the shopping centre. Lease Equity subsequently sold the centre on behalf of the Landlords achieving an excellent result.
Waterford Plaza is situated on the corner of Manning Road and Kent Street in Karawara, adjacent Curtin University. Lease Equity were engaged as Development Managers, Property Managers and Leasing Agents for the redevelopment and extension of the centre which was completed in 2011.
The centre boasts a refurbished Coles Supermarket and one of Australia’s most impressive supermarkets, Waterford Supa IGA. These majors are supported by the Reject Shop, Priceline Pharmacy, Perth’s iconic Hippo Creek Bar and African Grill and over 60 specialty stores.
The centre was developed in three stages; the first incorporated an extended and refurbished Coles Supermarket and 30 new specialty stores. The second stage saw the construction of a High Street entertainment and restaurant precinct, allowing for popular late night dining, catering to both local residents and the University community alike. The final stage added a new mall featuring Waterford Supa IGA and a range of outstanding new retailers.
Lease Equity’s role as Development Agent included undertaking the development feasibility and negotiating on the Landlord’s behalf all commercial contracts including architectural, building, town planning and other consultative contracts. The role extended to acquisitions of adjoining land in order to facilitate the shopping centre redevelopment and negotiations with all tenants including the supermarket tenant. This was a project which had many complications based upon the constricted site and its configuration together with substantial negotiations being required pursuant to the Coles Supermarket lease. The centre is achieving rental levels and commitment from retailers generally considered far superior to those at other centres of this size in the WA shopping centre market. During the feasibility implementation stage the centre has remained fully leased notwithstanding the substantial deterioration of the built environment.
Whitford City Shopping Centre
Whitford City Shopping Centre is a Major Regional centre located on the northern coast in Hillarys, Western Australia. Lease Equity were engaged to undertake the project feasibility and analysis for the full redevelopment and extension of the centre.
The redevelopment was in the order of $80 million and required 100 additional tenancies together with five mini majors and the relocation of a Woolworths Supermarket. Lease Equity’s role included negotiating all commercial terms on behalf of the Landlord and renegotiating all Leases with existing tenants in order to affect an optimal tenancy mix and accord with previous leasing arrangements. The shopping centre extension was completed 100% leased, resulting in a centre of 65,000 square metres and over 210 specialty tenants. The addition of the 100 specialty shops and five mini majors also facilitated the relocation of another 20 tenants from within the centre. The centre became the benchmark in retail project leasing in WA and the outcome for the client has been outstanding.
595 Beaufort Street, Mt Lawley
595 Beaufort Street in Mt Lawley is a contemporary art deco building located in the heart of Mt Lawley’s vibrant café strip and less than 3km from the Perth CBD. Lease Equity sourced the site for the client and conceptualised the development of the then derelict site. Lease Equity were then appointed as Exclusive Leasing Agents for the retail component of the centre.
Positioned on the prime corner location of Beaufort Street and Chelmsford Avenue, the building comprises apartments and nine retail shops, all with street frontage and an abundance of parking. The centre was leased to an electric mix of retailers including Test Tube, Ruck Rover and Caffissimo Café.
726 Hay Street, Perth (Former Walshes Department Store)
At the time of being appointed to lease this building it had been characterised by reasonably short term (1-3 year) leases and was viewed by the retail market as being a location that hadn’t worked.
The property was repositioned with a “significant” brochure and asking rental rates were raised substantially over those which had previously been achieved. This strategy aimed to elevate the offering such that it was viewed as a premium location and therefore by implication that the rent reflected the prominence of the location. Temporary tenants were engaged in the location such that the tenancies would not be vacant and the Landlord would not be seen as being “desperate” to lease the premises as had perhaps previously been the case. The result had been firstly, the long term leasing to Vintage Cellars, a subsidiary of Coles Myer, followed by a number of successful lettings to, Telstra, Jaws Japanese Restaurant and later to Florsheim, all on long term (7 plus year) Leases. The property now enjoys fixed rental increases at rates of some 16-19% greater than that previously being achieved together with enjoying substantial improved lessee covenant.