Civic Heart Secures Woolworths as Key Retail Tenant
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ASX MARKET & MEDIA ANNOUNCEMENT
18 February 2016
CIVIC HEART SECURES WOOLWORTHS AS KEY RETAIL TENANT
Key Points:
Civic Heart secures Woolworths as anchor tenant for ground floor retail space.
Woolworths to operate supermarket in 2,757m2 area.
Initial lease term of 20 years with operations estimated to commence late 2018.
Remaining 9,143m2 of commercial space occupied by smaller, local tenancies.
Perth, 18 February 2016: Western Australia’s leading apartment developer Finbar Group
Limited (ASX: FRI) (Finbar or the Company) is pleased to announce that it has entered into
a binding heads of agreement with national supermarket giant Woolworths to lease and
operate the Civic Heart supermarket to be located on the ground floor of Civic Heart
neighbourhood shopping centre.
The Civic Heart retail and commercial building is an 11,900m2 commercial area contained
within a three level podium structure that is positioned below the 38 level, 294 apartment
residential tower. The ground floor will host a neighbourhood shopping centre which will be
anchored by the 2,757m2 Woolworths supermarket alongside smaller tenancies supporting
food provisions, specialty shops and a café.
The refurbishment of the heritage listed former police station will also create a restaurant
fronting Mends Street while Australia Post will continue its operations from the existing heritage
building fronting the corner of Mill Point Road.
The binding heads of agreement will have Woolworths enter into a 20 year initial term lease
with operations expected to commence in late 2018 following completion of the entire Civic
Heart project.
Commenting on the agreement today, Finbar Managing Director Darren Pateman said, “We
are delighted to have secured a major national retailer of Woolworths’ calibre who is willing to
participate in our project. Undoubtedly, their commitment will help to fulfil our objective of
making Civic Heart South Perth’s most convenient and desirable place to live, work and shop.”
“There is currently no full-line supermarket in South Perth so we have always respected the
importance of this project in providing a supermarket to support the growth aspirations of the
suburb and for the success of our Civic Heart project as a whole,” Mr Pateman added.
Civic Heart is a $400 million project with pre-sales currently underway. Finbar expects to
commence early ground works mid-2016 with substantial construction commencing in January
2017.
ABOVE: Civic Heart Ground Floor Retail
ABOVE: Commercial Atrium
ABOVE: Civic Heart – Mends Street View
- ENDS For further information, please www.finbar.com.au, or contact:
Darren Pateman
Managing Director
Finbar Group Limited
Email: darren@finbar.com.au
Professional Public Relations
James Harris
Tel: 08 9388 0944
Email: james.harris@ppr.com.au
Finbar Group Limited, its controlled entities and its jointly controlled entities, is a property development
company whose core business lies in the development of medium to high density residential apartments
and commercial property within the State of Western Australia.
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