Colliers has been appointed to manage the highly valuable Centuria Primewest Daily Needs Retail Centres Portfolio, a significant industry appointment.
The portfolio, which includes 15 shopping centres across NSW, Queensland, Victoria and South Australia, has almost 120,000m2 in total Net Leasable Area, 332 tenants and an average occupancy of 96%.
Colliers’ Head of Retail Management Lyn Gray and Gabrielle Briggs, Director of Primewest Portfolio secured the three-year appointment to manage the portfolio on behalf of Primewest, a Centuria Capital Group Subsidiary.
“It is rewarding to grow our relationship with Centuria and Primewest on their Daily Needs Retail properties across NSW, Victoria, Queensland and South Australia, adding value to the portfolio via operational cost savings, effective retailer relationships and identification of trends in performance,” Gray said.
Of particular note is West End Village, which combines heritage elements through the historic Peters Ice Cream and Cone Factories that were built in 1928 and 1929. It includes a hectare of open parklands and laneways and an impressive income per annum per NLA.
West End Village, Brisbane
The addition of West Village expands Colliers’ expertise into integrated, mixed-use entertainment lifestyle destinations, which has been a strong focus of investment funds.
“The opportunity to manage the day-to-day operation of the iconic West Village lifestyle, entertainment and retail precinct is exciting for the Colliers team. We are honoured and humbled that Primewest has given us the mandate to add our expertise in property management to this flagship centre,” Briggs added.
Other centres in the portfolio include Belmont Citi Shopping Centre, Cameron Park Shopping Centre, Moonee Market, West Ryde Marketplace, Port Pirie Shopping Centre and Melbourne Square. Of the 15 shopping centres, 10 are located in NSW.
