Works starts on the $80m redevelopment of the Karalee Shopping Village in Ipswich
AN Ipswich shopping centre will under go a radical expansion with work starting today on its $80 million redevelopment
QLD News
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WORK has started on the $80 million redevelopment of the Karalee Shopping Village west of Brisbane.
Consolidated Properties Group and CVS Lane Capital Partners broke ground today marking the commencement of construction which is expected to be completed in April next year.
Consolidated Properties Group executive chairman Don O’Rorke said the expansion of the shopping centre will meet a retail gap in the growing area in suburban Ipswich.
“The village will be another high quality, well-leased centre including the latest generation full-line Coles supermarket and a wide range of new specialty stores with a focus on food and beverage, medical, health and fitness, and retail services,” he said.
“Longstanding retailers have confirmed their commitment to the centre.”
The land is adjacent to the existing 3500sq m Woolworths-anchored neighbourhood centre which will also be refurbished as part of the project.
Karalee Shopping Village is the sixth project that Consolidated Properties Group has developed with investment partner CVS Lane Capital Partners since the alliance was formed in 2014.
The partnership is committed to delivering a pipeline of $400 million in new retail centres in high-growth regions along the eastern seaboard.
CVS Lane Capital Partners managing director Lee Centra said the redevelopment of Karalee Shopping Village is a strong addition to the Retail Partnership portfolio with Consolidated Properties Group.
“The region is booming with strong population growth above the national average. Average household income is 22.7 per cent above the Brisbane average and 42.3 per cent above the Ipswich average,” he said.
Hutchinson Builders will deliver the project. Consolidated Properties Group and CVS Lane Capital Partners plan to retain ownership of the property.
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