Church outsources property portfolio

Jul 27th, 2011

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Article by:
Marissa Lague

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The portfolio includes the recently developed Wesley Quarter and Queens Building, the Trinity Building, including the historic Trinity Arcade, and the Ross Court retail complex in West Perth.

"We are delighted to have been appointed to manage and lease these iconic shopping and office building in the Perth CBD." Jim Tsagalis, Lease Equity's managing director, said.

"The appointment is testament to our CBD management and leasing experience which has included adding significant value to many of Perth's best commercial properties including Plaza Arcade, Forrest Chase, enex100, Perth Central and the City Square development in St Georges Terrace."

Lease Equity, a commercial asset management and real estate firm, will appoint a team of five specialists to manage the portfolio.

Wesley Quarter consists of about 400sqm of retail space over two levels with 50stores, including a number of high-end fashion stores such as Burberry, Emporio Armani, and F-Star Raw.

The centrepiece of the Quarter is the Wesley Centre, a nine-level office tower, the Perth headquarters of Rio Tinto.

Trinity Buildings is made up of two levels of office space and the iconic Trinity Arcade, a two level retail arcade that connects the Hay Street Mall and Carillon City's lower-level food court through to St Georges Terrace.

Trinity Arcade is home to about 20 specialty shops including Parker & Co, Follow Me Menswear, Dome Cafe, Jacqui E and a range of other cafes, services, antique and jewellery retailers.

The Ross Court site is a retail complex on the corner of Hay and Colin streets in West Perth, which houses the popular Crema Cafe.

Arthur Chemello, the Uniting Church's property and project's officer said the Church was pleased to have appointed Lease Equity to manage and lease its important CBD property assets.

"Lease Equity is well known by reputation and has an experienced, dedicated retail and commercial management team, which we are confident will delivery significant uplift to our retail and commercial property assets." Mr Chemello said.

"The Uniting Church has a long established history of working with the community and businesses to achieve desired outcomes for all parties."

"Lease Equity's expertise, particularly in the Perth CBD, we see as a very good fit for us."

As well as its asset management and leasing roles, Lease Equity will also be involved in the master planning for the redevelopment of the Trinity Buildings.

This includes a possible refurbishment and redevelopment of the site to expand and enhance the buildings. 

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