Shopping Centre

Project Details

Type of Development: Retail shopping center. Renovation & Rebuild
Location: Fairfield, Sydney, NSW, Australia
Purchase Date: June 1994
Development Approval: September 1994
Commencement: September 1994
Completion: February 1996
Net Lettable Area: 19,368 sqm
Number of Tenancies: Target, Woolworth's, Best & Less and 56 speciality shops
Car Parking: 650 car spaces

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 shops.

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 supermarket.

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 price.