It may be one of the smaller shopping centre complexes in the Shoalhaven but the Nowra Mall has topped the ranks of this year's Mini Guns Shopping Centre performance.
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The Nowra Mall, in Kinghorne Street and St Ives Shopping Village have topped the ranks for its private owners, upstaging the often bigger public companies.
The Nowra Mall, owned by Isaac Solomon, smashed the key figure of moving annual turnover per square metre, reaching $17,777.
Mr Solomon said it was one of his favourite malls in his eight-strong portfolio after having owned it for 25 years and recently replacing the asbestos roof at a cost of $1.5 million.
"I never expected it to do so well," Mr Solomon said.
"I purchased it for $5.5 million and its now worth $47 million and I have spent about $5 million on it, extending Coles and bringing in new tenants."
Mr Solomon, whose business ISL Property Investment Management owns shopping centres, said he was not surprised with the Nowra Mall's top ranking.
"It has been trading like that for the last four years," he said, "The Stockland Nowra is not competition."
Growth in his MAT per sq m was up 5.3 per cent.
The rankings of the 151 Australian shopping centres – those centres with a gross lettable area (GLA) of more than 6000 square metres and up to 20,000 square metres is conducted by Shopping Centre News, whose publisher Michael Lloyd said the success of such malls came down to strength of food, grocery and services.
The St Ives’ complex has the highest moving annual turnover for a neighbourhood shopping centre in Australia, with a massive $245.26 million.
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