The developer expects to unveil plans for the Ocean Village Shopping Centre site, formerly owned by a Pindan-connected entity, by the end of this year.
Blackburne says it will release plans to overhaul the Ocean Village Shopping Centre site by the end of 2023, after the developer bought the asset at the end of last year.
Blackburne bought the company that owned the 3 Kilpa Court complex, Ocean Village Shopping Centre Pty Ltd, which was known as Pindan Capital Ocean Village Pty Ltd until May last year.
The former builder’s funds management arm, Pindan Capital, held a minority stake in the entity, which Blackburne acquired from EY following Pindan’s collapse.
The Subiaco-based developer then purchased the remaining shares in the company from three Chinese owners.
Managing director Paul Blackburne told Business News the decision to buy the ailing asset in an affluent area was an easy one.
“Half of the tenancies are vacant and we hope to create a new community asset in this prime location,” he said.
“To see such an important local community asset, located next to wonderful parks, not being used to its full potential was something that really spoke to us.
“The opportunity to revitalise another significant area of Perth and deliver another world-class development was an opportunity we couldn’t miss.”
Pindan Capital Ocean Village bought the more than 7,000 square metre centre from businessman Tom Galopoulos for $12.5 million in December 2016.
The site has been subject to community debate about its future, with locals reportedly calling for it to be redeveloped.
Mr Blackburne said he would work with the Town of Cambridge and the local community to determine the site’s future.
“The previous owners undertook significant community consultation, and the feedback was that the community wanted an active boutique neighbourhood centre with a range of amenities,” he added.
“That’s something we’ve delivered in the past, and we’re keen to incorporate the community’s ideas here too.”
Mr Blackburne described City Beach as a “haven for families and downsizers” that was hindered by a lack of housing options prohibiting locals wanting to move out of their large homes into apartments.
He added that the developer hoped to provide an outstanding high-end asset for the community to enjoy.
“Blackburne is currently assessing all options for the site, with plans expected to be unveiled by the end of 2023,” Mr Blackburne said.
Blackburne would not reveal what it paid for the asset.