Business News Article by Katie McDonald
Agem Property Group has opened the doors of its latest project, the $14 million Iluka Plaza shopping Centre.
The 4,300-square-metre neighbourhood centre is anchored by an IGA supermarket, with other major tenants including a liquor store and a childcare centre.
Group development manager Chris Harman said the organisation has strategically targeted service-driven tenants, securing a medical centre, dentist, physio and pharmacy.
“Those service-based commercial uses tend to do well in any market,” Mr Harman told Business News.
“Online is obviously impacting bricks and mortar retailers across the board so I think shopping centres need to move towards, and are trending more towards, service-based uses – your medical, allied health and childcare, not just your cafe and supermarket type operators.
“Especially in suburbia (where) you’ve got a limited catchment; it makes it more convenient for the community…rather than travelling to your traditional commercial areas like Joondalup, for example, we can spread it out into smaller neighbourhood centres.”
Mr Harman said the centre was now 75 per cent leased, with three tenancies remaining.
Iluka Plaza is the 134th largest shopping centre in the state, according to the Business News Data & Insights Shopping Centre list, ranked by net lettable area.
Agem Property Group managing director Adrian Fiore said the team’s in-house experience in town planning, construction, development, asset management, accounting and law had enabled the team to deliver Iluka Plaza on time despite COVID-19 related delays.
“Our diverse team has experience in all facets of the leasing, acquisition and building of premises for tenants,” Mr Fiore said.
“Having that in-house expertise means we can de-risk investments before going ahead. All our projects are underpinned by a minimum of 50 per cent being pre-leased, with all tenants committing to mutually beneficial lease terms.”