Featured New Article - 6 September 2022
Hawaiian with Hillarys Buy
Western Australia property group Hawaiian has bought Hillarys Shopping Centre for $34.2 million from a syndicate of investors, bringing its portfolio of shopping centres to 11.
Raine & Horne Commercial WA brokered the deal for the fully-leased property at 110 Flinders Drive through a public tender process that ended in July.
William and Carolyn Timms and Rae, Nola and Clifford Stagg sold the centre: the first time it has changed hands in 25 years.
The families also own industrial properties in Morley and Malaga.
Hillarys Shopping Centre sits on 1.31 hectares of land with 4,436 square metres of floor area and is anchored by Coles supermarket.
Hawaiian chief operating officer Richard Kilbane said the Hillarys showed the company's commitment to Perth's retail sector.
"The local shops are more than just a place to run in and pick up groceries," he said.
Ät Hawaiian, we ensure our shopping centres are active and engaged in the communities in which we operate, and this philosophy has helped us build strong relationships and loyal customers, committed to our centres and our retailers."
Raine & Horne Commercial WA director Terry Menage said the property attracted significant interest from local, interstate and international buyers.
"The sale was by public tender and Hawaiian were closer to where the sellers expectations were on price and meeting the tender conditions," he said.
Hawaiian also owns and operates shopping centres in Bassendean, Forrestfield, Melville, Mount Hawthorn, East Victoria Park, Girrawheen, Darling Ridge, Duncraig, Claremont and Noranda.
The group is also in a joint venture with QIC for Claremont Quarter and Hawaiian also owns food retail hub in Fremantle's East end The Sunshine Harvester Works.
By: Claire Tyrrell