Private Property Trust No. 9
Broken Hill Village Shopping Centre was acquired by Fawkner Property in February 2016 for $27,850,000. At the time of settlement, the centre was near new at had cost approximately $35 million to construct. The developer had been unsuccessful in their attempts to lease the specialty shops at the centre which meant that the time of acquisition, the specialty tenancies were approximately 77% vacant, despite the 3 major tenants at the centre all trading strongly and the excellent fundamentals for retail trade Fawkner Property had identified within the town of Broken Hill.
With proactive management of the centre, targeted promotions and marketing steadily increased traffic at the centre. This was also tied in with a targeted local and national leasing campaign, which yielded excellent results attracting new local and National Tenants to the centre, supporting a leasing strategy designed to deliver an optimum tenant mix based on non-discretionary and service-based retailers. Amongst these new tenants were a cornerstone retailers such as a Pharmacy, Newsagent, Medical Imaging Clinic and food retailers.
Fawkner Property’s work to date has now delivered a close to 25% increase in value of the centre, whilst firmly positioning Broken Hill Village for future growth and continued solid returns to investors.