Thornlie centre snapped up

Jul 11th, 2011

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Article by:
Marissa Lague

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Mr DiMauro owns a mix of commercial and retail properties throughout Australia but this was his first purchase in WA.

The deal was negotiated by Lease Equity's managing director Jim Tsagalis who said the sub-regional shopping centre was on a substantial 5ha landholding with three street frontages in the heart of Thornlie.

"Thornlie Square offers a repositioning opportunity for the purchaser and is underpinned by the publicity listed Coles and Metcash supermarkets." Mr Tsagalis said.

"It's a very good regional shopping centre in a market where not a huge number of centres are for sale and this resulted in a very competitive sale process."

Mr Tsagalis said more shopping centres were changing hands in the Eastern States and recent transactions involving Perth shopping centres had been quieter selling campaigns.

Despite slump in retail spending, Mr Tsagalis said there were still pockets of strong demand. "We have purchasers waiting for real estate opportunities and while there is some negative sentiment in the market, retail property is still in high demand."

The shopping centre settles today.

Source: The West Australian

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