Adelaide St Plaza sold

Cockburn Gazette Community

10th December 2013.

Sirona Capital has bought Fremantle’s Adelaide Street Plaza, a shopping centre anchored by Woolworths north of the CBD.

Sirona Capital managing director Matthew McNeilly said Fremantle’s role as a strategic metropolitan centre was continuing to emerge and Sirona wanted to be a part of the city’s transformation.

“I continue to be buoyed by the opportunity in Fremantle and we were attracted by the potential in the Adelaide Street Plaza,” he said.

Mr McNeilly said that Sirona would now look at developing its strategy to transform the Centre’s retail offer and underlying performance.

“While the property has been described as under-performing we see plenty of potential, given the planned broader rejuvenation of the Fremantle CBD.”

Opened in 2008, the modern retail development incorporates first floor offices and basement parking for 122 cars.

The centre has a gross lettable area of 4,555sqm, with Woolworths occupying just over half of the available area, and seven specialty stores taking up the remainder of floor space.

Sirona Capital is heavily involved in Fremantle with a hand in the redevelopment of the old Myer building, a hotel on Packenham Street the redevelopment of the Fort Knox building with Match.

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