Great Western Super Centre to undergo $22m makeover after owners pull out of sale process
A suburban shopping centre in Keperra in Brisbane’s northwest is about to undergo a $22m makeover - its most significant overhaul in its 22-year history.
QLD Business
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After withdrawing from the potential $500m sale of five South East Queensland shopping centres the portfolio owners have embarked on a multimillion makeover of one of their major malls.
Consolidated Properties Group and Melbourne-based investment house CVS Lane Capital Partners will spend $22m on a “modern makeover” of their Great Western Super Centre in Keperra including store expansions and upgrades for Aldi supermarket, BCF and Anytime Fitness.
They purchased the centre, 10km north west of the Brisbane CBD in 2020 for $84.5m and it was one of five neighbourhood shopping centres they put up for sale in July for a potential $500m payday.
However, they pulled the plug on the process in September citing “changing market dynamics”.
Consolidated Properties chairman Don O’Rorke said the Great Western Super Centre renovation will be the most significant overhaul in its 22-year history.
“Our strategy has always been to buy neighbourhood shopping centres in high-growth areas and deliver major improvements that bring significantly more amenity for the community,” he said.
“Since buying the centre in 2020, we have introduced a range of top-quality tenants including Rivers, HMB Barber, Kebab Masters, On a Roll Sushi, Thai So-Ho and Aux Delices Bakery.
“The latest works build and expand on the improvements we have already made and will ensure a high-quality shopping experience for our customers.”
The 22-year-old Great Western Super Centre has 15,400sq m of floor space and is anchored by Woolworths and Aldi, alongside six mini majors and 44 specialty stores.
Refurbishment works include a full repaint of the interior and exterior, brand-new amenities including parents’ rooms, overhaul of airconditioning, upgraded entry statements and signage and extensive landscaping.
In addition, work will start on an expansion and upgrade of the Aldi supermarket and Anytime Fitness, with an upgrade also planned for the BCF store.
The refurbishment, which follows an $8m revamp of anchor tenant Woolworths in 2021, is due to continue until early next year and mark a major improvement to the centre’s amenity.
A number of mini-major tenants and speciality retailers have committed to renewing long-term leases including Woolworths, Ampol Fuel, Hungry Jacks, Keperra Medical Centre, Terry White Chemmart, Australia Post, Aussie Home Loans, The Reject Shop, Subway and Pepper n Salt Cafe further strengthening the tenant line up.
A development application has also been lodged for a brand-new 24-7 Sparkletown Car Wash, which is anticipated to start construction in early 2023 and open by mid-year, subject to Council approval.
Consolidated Properties head of leasing Rob Clifton said the refurbishment program delivered on the promise made after buying the centre.
“Neighbourhood shopping centres in growth corridors that reach across daily shopping needs and discretionary spending, are in high demand because they are a stable asset class,” he said.
“The line-up has been bolstered significantly in the past two years with anchor tenants such as Woolworths undergoing major renovations and new ones moving in. Customers responded positively to the first stage of renovations, and we expect the latest refurbishments will be met with similar enthusiasm.”
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