Warnbro Fair Shopping Centre has been the subject of recent media interest after the collapse of the Westpoint Corporation and subsequent appointment of Korda Mentha as administrators of the substantial real estate interests of the collapsed company.
Elderslie Property Limited, on the 9th of August 2006, was appointed to control the Warnbro Fair Syndicate and manage its complicated legal affairs. The property is the subject of a contentious option which looks like heading for the courts.
Lease Equity have been engaged to take control of the management and add value to the centre whilst matters are being resolved, recognising Lease Equity’s substantial skills in shopping centre management and leasing. The company has already identified a number of value adding opportunities and are in the process of implementing them.
Warnbro Fair Shopping Centre takes the number of centres managed by Lease Equity to 16, making it the third biggest manager of shopping centres in WA.
Andrew Pratt, Director of Asset Management at Lease Equity states “Lease Equity looks forward to working with the incumbent management team at Warnbro Fair to ensure continued management is maintained to the highest standards. Given our specialist knowledge of retail management and leasing, we are able to add value to this centre and improve the return to the syndicate members”.
Lease Equity is analysing the potential of this centre for proposed extensions. The centre currently has adjoining vacant land which can be utilised for expansion to include a discount department store and additional specialty retailers.
Mr Pratt said “Lease Equity already has a presence in the booming southern corridor with the successful leasing of the nearby Secret Harbour Shopping Centre, due to open in December 2006, and the recent development of the Settlers Hills retail centre”.