Lend Lease, which has emerged as a major player in the Perth property scene in the past couple of years, has acquired a 100 per cent interest in the Northgate Shopping Centre in Geraldton through the Lend Lease Real Estate Partners 3 Fund.
Lend Lease has recently secured the $1 billion Waterbank precinct site, a four-hectare component of the Riverbank project, and the Alkimos land development project, being overseen by Landcorp.
The acquisition of The Northgate Shopping Centre, worth $46.5 million, makes the LLREP3 fully invested. It marks the final investment for the fund, which has assets now worth approximately $411 million.
Established in 2010, LLREP3 is a closed-ended unlisted wholesale property fund that has four other sub-regional shopping centre assets in Western Australia and New South Wales, including Armadale Shopping City and Southlands Boulevarde.
Northgate Shopping Centre will be managed by Lend Lease. The centre consists of a Coles supermarket and a Target Store, the sole discount department store in Geraldton, plus 36 speciality stores.
It services Geraldton as well as the wider mid-west region of WA.
LLREP3 fund manager Simon King says the centre is well positioned to benefit from Lend Lease’s retail management, leasing, and marketing expertise.
“Northgate Shopping Centre is an ideal fit for our strategy of securing quality sub-regional shopping centres that have a dominant market share and are located in areas with strong forecast trade growth,” said Mr King.
