Centuria upsizes Melville LFR precinct to 22,584 sqm valued at $102.5 m

Two new showrooms extend the existing retail centre

Centuria Development has completed the construction of two new showrooms at its Centuria Melville large format retail (LFR) centre in Western Australia. The additional 1,314 sqm brings the site to 22,584 sqm, adding an additional $7.5 million in value and maintaining 100% occupancy.

Centuria has owned the property since 2005. Continued growth in the region, located c.20 minutes from Perth and increased demand led to the identification of underutilised space at the Melville site.

The two new c.650 sqm showrooms, located at 276 Leach Highway, Myaree WA, have officially opened with Tile Empire and Bed Bath ‘n’ Table now trading at the site. The two new occupiers join existing tenants at the centre including Spotlight, Anaconda, JB Hi-Fi, Goodlife and BCF and can take advantage of additional car parking also created as part of this build.

Andre Bali, Centuria Head of Development, said “LFR continues to be in strong demand in Perth, with net face rents increasing by 6.3% year-on-year. Anticipated population growth is expected to continue to drive demand for LFR outlets across WA. This additional development demonstrates Centuria’s clear approach to maximising value at each site and the active role the inhouse development team plays in developing and managing assets across Australia”.