Gawler Trust

Murray Street, Gawler, SA

Origination

• Acquired in December 2010 for $19.5m.
• Anchored by Coles and Government tenants.
• Good quality neighbourhood shopping centre on a large land holding in key Gawler location.
• Attractive underlying property fundamentals and trading performance despite lack of investment by previous landlord.
• Acquired at a time when Gawler population was growing and forecast to grow with new residential development.

Strategy

• Improve shopper experience and refurbish the centre to improve presentation and trading performance.
• Extend Coles lease and restructure Government tenancies to support value growth.
• Relocate and change specialty tenants to support convenience offer.
• Expand the existing centre through new development.

Execution

• Re-brand to ‘Gawler Central’ and implement dedicated centre marketing.
• Internal mall refurbishment and reconfiguration to improve tenancy mix.
• External upgrades to modernise presentation.
• Acquired adjoining property providing additional income and car parking.
• 15-year lease extension to Coles.
• Refurbished Services SA (SA Government) to improve visitation.
• Solar PV system installed.

Result

• Latest valuation – $43.0m.
• Average annual distribution – 8.9% p.a. (post fees) since acquisition.
• Gawler Central is the dominant neighbourhood centre in its local market.
• 100% occupancy maintained for the last seven years.