Hawaiian adds to property portfolio

Hawaiian has expanded its shopping centre footprint, finalising its $22.7 million acquisition of the Newpark Shopping Centre in Girrawheen.

The sale was brokered by Ron Farris Real Estate last August, with management of the centre handed over yesterday.  

The 10,186 square metre neighbourhood centre located on Templeton Crescent and Marangaroo Drive is anchored by IGA and home to more than 40 speciality retailers and a mix of discount stores, with a net lettable area of 10,001sqm.

Newpark also features a childcare and fitness centre, as well as medical and professional services.

The transaction marks the 10th shopping centre in Hawaiian’s portfolio, which includes Claremont Quarter, Noranda Shopping Village, The Park Centre in Victoria Park, and Duncraig Shopping Centre.

Following its acquisition of Newpark, Hawaiian has risen one spot to become the state’s seventh largest shopping centre owner as ranked by size of total area (sqm) on the BNiQ Search Engine.

General manager shopping centres, Alison Reid, said Hawaiian had since sought to reposition the asset with the introduction of guest services officers, upgraded CCTV, new mall seating and lighting.

“Hawaiian’s philosophy is to connect people through places, and our retail portfolio plays an integral role in achieving this. We have structured our retail portfolio to sit within a 20-kilometre radius of the Perth CBD,” Ms Reid said.

“A major aim is on evolving the role our shopping centres play in their surrounding suburbs, for us the opportunity sits in developing these to become an extension of local residents' lifestyle.

“Our focus is on medium to long-term returns as we believe our investments are rewarded the more we give back to our stakeholders and communities.”