In 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 the 22,000 sqm of net leasable space was occupied, sales were depressed and most of the remaining speciality retailers were leaving within 6 months.
The customer traffic flow design was flawed with too many entrances and half the centre was poorly anchore
d leading to virtually one end of the centre almost vacant. Coupled with poor management 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 providing a wider range of merchandise.
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 very well.
It was sold in February 1996 for more than 3 times its purchase price 18 months earlier
Less than half of the 22,000 sqm of net leasable space was occupied, sales were depressed and most of the remaining speciality retailers were leaving within 6 months.
The customer traffic flow design was flawed with too many entrances and half the centre was poorly anchore
d leading to virtually one end of the centre almost vacant. Coupled with poor management 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 providing a wider range of merchandise.
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 very well.
It was sold in February 1996 for more than 3 times its purchase price 18 months earlier
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