The $360 million upgrade of the Burnside Village Shopping Centre has been delayed due to coronavirus
A substantial redevelopment of Burnside Village Shopping Centre has been put on hold as the owners grapple with the fall out from the coronavirus crisis.
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THE $360 million redevelopment of the Burnside Village Shopping Centre, which broke ground in February, has been put on hold.
Demolition works on the corner of Greenhill Rd and Portrush Rd will be completed next week and “the site maintained for development’’, owners, the Cohen Group, said.
At this stage, there is no clarity about when the project will be restarted.
“The unprecedented and rapidly escalating social and economic impact of COVID-19 will result in a delay of the Stage Six expansion of Burnside Village until there’s greater clarity within the economic environment,’' the group said in a statement.
“The Cohen Group is still working on plans for the project with key stakeholders but the coronavirus is having an impact on these plans and it is uncertain how it will affect the project timing.
“In the short term, the Group will focus on the operations of Burnside Village and its commercial and industrial property portfolio and supporting its current tenants, staff and customers through one of the most challenging social and economic periods in our history.
“The Cohen Group has a long and successful history in the property industry and is in a strong position to work through the current environment.
“In the meantime, demolition works on the Stage Six expansion site will be completed over the next week and the site maintained for development.
“The Cohen Group appreciates the support it has received from the community, project partners, tenants, Council and Government for the expansion and looks forward to proceeding with development in a stronger economic environment.’’
The development was planned to be three storeys high, and include an alfresco dining precinct with up to 12 restaurants, a “luxury cinema”, around 90 specialty stores over two levels and approximately 600 underground spaces, linked to the existing basement car park.
It was expected to create 1000 jobs one finished.
Property Council executive director Daniel Gannon said there was a strong need for targeted and sensible stimulus to keep the property sector viable during the crisis.
“South Australia's economy is facing significant challenges arising from the COVID-19 crisis, and the property sector is no different,’' he said.
“The impacts are globally indiscriminate, and we’re seeing this felt locally.
“This heightens the need for targets and sensible stimulus to keep hard hats and steel caps on workers across construction sites in Adelaide.
“South Australia will get through this, but it means that business will be done differently over coming months as we transition from ‘survival phase’ to ‘recovery phase’.’’
Demolition at the project started in February.