Box Hill Central in Box Hill, Victoria, Australia is a medium_sized shopping centre owned by the Centro Properties Group, who acquired it in 2000. It has been officially renamed to Centro Box Hill, but many still refer to it as Box Hill Central. It was refurbished in 1998.
The centre has a gross lettable area of 24,390 square metres and has an annual turnover of $92.9 million. It has a total of 105 stores and is constructed on 3.68 hectares of land.
Public Transport
Box Hill Central is built on top of the underground Box Hill station and has a major bus interchange on the roof of the centre.
Fresh food market
Unusually, the centre has a large fresh food market towards the back of the centre, which is a popular attraction.
External links
Official website (http://www.centroboxhill.com.au)
Centro Centre Portfolio (http://www.centro.com.au/CentroBoxHill.htm)
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The issues in the Centro case are, however, somewhat different to some other recent examples of managers entrenching themselves in trusts that they manage, partly because Centro itself will continue to co-own the underlying properties with the trust and partly because the trust is being created through a distribution to Centro's own security holders.
In concept, therefore, Centro's owners and the retail trust's owners will be the same and have the same interest in the retail trust being "cemented" to the larger Centro group.
It won't be in Centro's interests for the properties to be managed badly or the trust's units to perform poorly while it has such a large exposure to both.
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