In June 1994, the Neeta City Shopping Centre in Fairfield Sydney
was acquired comprising a Target Discount Department Store,
Woolworth's Supermarket, Bi Lo Supermarket and 67 speciality
Less than half of net leasable space was occupied, sales were
depressed and most of the remaining speciality retailers were
leaving within 6 months.
The design of the centre was flawed with too many entrances and
the northern end of the centre was poorly anchored resulting in
that half of the centre being almost completely vacant. Coupled
with poor management and tenancy mix, the centre was unviable.
After a complete redesign and renovation, Woolworth's relocated
to anchor the underperforming end of the centre with a larger
The old supermarket site was divided into smaller tenancies
including Best and Less, Westpac, Retravision and many others.
Sports girl, Australia Post, McDonald's, Sydney Water, Tandy and
many more tenants were attracted to complete the tenancy mix.
The centre was now fully occupied and trading well.
It was sold in February 1996 for more than 3 times its purchase