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.