Leading Australian funds management firm, Stirling Property Funds (‘Stirling’), has announced a series of leasing achievements at its Junction Fair Shopping Centre in Newcastle, headlined by a new eight-year lease with Newcastle Permanent.
The milestone agreement will see the customer-owned bank relocate from its existing branch on the corner of Union and Kenrick Streets, to newly configured space at Shop 18 within Junction Fair. Newcastle Permanent will be undertaking a ten-week refurbishment of the shop ahead of an expected opening in April 2027.
TerryWhite Chemmart will be relocating into the middle of the Centre, where the fit-out of their new premises is already underway and they are expected to open later this year. The relocation of Terry White will unlock a new 67m² tenancy opportunity adjoining Newcastle Permanent, available from the new year.
Stirling Senior Asset Manager James Rowlandson, said the agreement secured Newcastle Permanent as a key tenant at Junction Fair and reinforced the high-quality and long-term value of the Centre.
Mr Rowlandson said locking-in a premier financial institution showcased the success of Stirling’s curated, value-add repositioning strategy. The recently completed Tillys Play and Development Centre is performing very strongly and other recent notable new leasing deals reinforce strong tenant demand for the Centre branded “unique, boutique, local” including the heralded return of Nextra newsagency, the expansion of tech repair specialists, Tech Hospital and soon to open luxury nail salon, Celine&Co Nails and Beauty.
“The strong leasing commitments from new and existing tenants are the result of Stirling’s excellent retailer-relationships and Junction Fair’s attraction as an exceptionally well-located community-focused Shopping Centre, with high foot traffic and a growing, dedicated local customer base,” he said.
“The new long-term lease arrangement with Newcastle Permanent and our ongoing asset enhancement initiatives will significantly improve the quality and value of the Centre and validates Stirling’s active management approach.
“Re-locating TerryWhite Chemmart to a new internal location was a strategic step in allowing us to backfill that space with Newcastle Permanent and dramatically improve the convenience and service offerings for our loyal local shoppers,” Mr Rowlandson said.
Matt Kearney from Strategic Property assisted Mr Rowlandson in finalising the Newcastle Permanent transaction. To capitalise on the Centre’s sustained leasing momentum, Colliers Newcastle has been appointed as exclusive leasing agent at Junction Fair.
