Australia - Kipp-Ring Shopping Centre Redevelopment Kicks Off
August 13, 2012
A 40-year-old retail complex in Brisbane owned by the LaSalle Core Plus Fund (LACPF) is undergoing redevelopment valued at over AUD 60 million.
LaSalle Investment Management has invested AUD 60 million in the redevelopment of a 40-year-old retail property in Brisbane.
Work has officially kicked off for the refurbishment of the Kippa-Ring Shopping Centre, which was acquired by LaSalle in October 2010. The company paid AUD 22.7 million for the property on behalf of LACPF.
The redevelopment is targeted to be completed next year, and will result in improved access, a modern retail environment and new retailers.
Through the renovation, the net lettable area of the property will be expanded by 25% while 35 speciality retail shops will be created. There will also be a 3,600 sq m Woolworths supermarket added to the revitalised shopping mall.
Simone Dalley, manager at LACPF said, "The redevelopment of Kippa-Ring Shopping Centre is a significant, long-term investment and an opportunity to maximise the site's central location and close proximity to future rail transport network to create a vibrant retail precinct."
She added that the ageing centre deserves "a significant remodelling to ensure it is able to meet the demands and expectations of the growing trade area."
LaSalle added that existing tenants of the mall, including Priceline Pharmacy, ANZ Bank and Woolsworth, will continue business as normal throughout the redevelopment period but will eventually move to new premises next year.
Managed by La Salle, LACPF is a commercial real estate fund that holds a variety of properties in a diversified portfolio consisting of retail, office and industrial assets. The total value of the fund is estimated at AUD 608 million.