Cygnet West strengthens retail property management portfolio
22 August, 2022
Perth – Leading commercial property agency Cygnet West has secured Western Australia’s most significant retail property management deal, having been appointed to manage a portfolio of 15 shopping centres comprising more than 140,000sqm of GLA.
The portfolio, spanning the Perth metropolitan area and several key WA regional markets, is owned by funds managed by Primewest, a Centuria Capital Group subsidiary.
Key assets now under Cygnet West’s property management include the 12,495sqm Primewest Cottesloe Central, the 16,813sqm Primewest Bunbury Centrepoint Shopping Centre and the 12,207sqm Primewest Southern River Shopping Centre.
The appointment is the biggest shopping centre property management contract to be awarded to a single agent in decades, increasing Cygnet West’s retail assets under management to 85 properties collectively totalling close to 550,000sqm of GLA.
Cygnet West Chief Executive Imran Mohiuddin said the deal was built on a long and successful relationship with Primewest, which has spanned more than 15 years.
“This appointment is an outstanding recognition of the quality of our people, technology, track record and management approach,” Mr Mohiuddin said.
“It also underscores our unique ability to deliver unparalleled service to our large and growing client base in WA, leveraging the unmatched local knowledge and expertise of our team and our position as the state’s biggest independent full-service real estate firm.
“We look forward to working closely with the Primewest team to deliver exceptional outcomes for its WA portfolio.”
The deal also adds to the significant momentum Cygnet West has built in retail management in recent months.
In 2021, the agency secured more than 56,000sqm of new or renewed leases in WA, against a backdrop of economic uncertainty of retail turmoil brought on by the pandemic.
Mr Mohiuddin said much of Cygnet West’s success can be attributed to its market-leading use of technology to optimise the management of its clients’ assets.
“Our current suite of management tools is unsurpassed in Western Australia,” Mr Mohiuddin said.
“This allows us to customise management strategies for each individual asset and provide transparent performance reports, which identify opportunities to operate properties more efficiently and cost-effectively.
“We also believe we have WA’s best team in retail management, with our team of experienced professionals able to nurture client relationships to achieve the best outcomes for stakeholders.”
Cygnet West will begin property management of Primewest’s portfolio on October 1.