It has confirmed buying the shopping centre for $103 million, although the purchase did not include large tracts of land Stockland owned near the complex.

"We haven't acquired the land at the rear or to the north of the shopping centre," said Fawkner Property director Patch Garnaut.

He said Fawkner had looked at buying the Nowra shopping centre two to three years ago when it was previously put on the market, but the price at around $130 million was "too high".

But coming in at less than the valuation of $111 million on June 30, 2023, "It was just a better price this time around," Mr Garnaut said.

The immediate plans for the recently renamed Nowra Centre Plaza include overdue maintenance and repairs, he said, including fixing the car park "and a few of those things that have probably been let go a bit".

From there, "We'll definitely be looking to improve the centre over time," Mr Garnaut said.

"Over time we'll be looking to reinvigorate the centre as best as possible either through Stockland's existing plans or developing new plans of our own."

With shopping centres in NSW stretching from Port Macquarie to Nowra and inland to Broken Hill, Fawkner had shown its willingness to get involved in communities, Mr Garnaut said.

"We have quite a strong localisation approach.

"We have a strong level of community involvement, and once the asset is bedded down and we've done some of those improvements we'll really look to revamp the centre and bring back some local investments into the asset," he said.

The purchase included the shopping centre offering 16,036 square metres of lettable space, along with 818 parking spaces.

Fawkner has also purchased the former Aboriginal cultural centre on the shopping centre's grounds.

"We want to breathe new life into the centre and improve it as best we can, with increased foot traffic and community involvement," Mr Garnaut said.