PROPERTY developer Hawaiian will gain ownership of The Colonnade in Subiaco after entering into an unconditional contract to acquire the centre from the Teo family.The latest addition to Hawaiian’s retail and commercial property portfolio, The Colonnade adds to Hawaiian’s existing of retail assets, which include Carillon City and Claremont Arcade (in joint ownership with Multiplex). Hawaiian said it had no immediate plans to change the focus of the shopping centre. Peter Gibbons, Hawaiian general manager strategic advisory and investments, said the purchase complemented Haw-aiian’s portfolio and strategic vision. “We are currently working through all of our options with the centre to maximise the existing brand potential already in place by the Teo family’s contribution,” he said. “This will be a flagship asset for Hawaiian and will represent Hawaiian’s excellence in retail and show case Hawaiian’s outstanding team knowledge and experience in developing, managing and marketing their portfolio.” Colonnade director Wayne Teo said the result was a positive outcome for the existing retailers at the centre as well as shoppers who frequent the area.
© Business News 2017. You may share content using the tools provided but do not copy and redistribute.