Major $2.5M refurbishment for Ashmore City Shopping Centre on Gold Coast

THE owner of a Gold Coast shopping centre is spending $2.5 million upgrading the three-decades old buildings in a bid to bolster the tenant line-up and improve the experience for shoppers.

THE owner of a Gold Coast shopping centre is spending $2.5 million upgrading the three-decades old buildings in a bid to bolster the tenant line-up and improve the experience for shoppers.

The investment by syndicate ACSC Investments Pty Ltd, linked to Alex Ng, is touted as the biggest investment in more than a decade and includes a new facade, improved amenities and a new parents’ room.

There will also be new internal and exterior tiling and ceiling nodes.

Alder Constructions has begun work on the refurbishment, which follows a review of the asset by the owners and comes ahead of a planned relaunch later this year.

An artist impression of the refurbished Ashmore City Shopping Centre.

Centre manager Angelo Efstathis, of First Asset Management, said the plans for the refurbishment have been in development for the past 12 months.

“This represents one of the most significant investments in the property for some time,” he said.

“It’s part of a long-term strategy to enhance the shopper experience in what has become a very competitive retail environment.

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“Ashmore City remains one of the best located centres in the area, and this upgrade will enhance the convenience shopping experience.”

It is understood the owner had considered building a new dining precinct, but

the plans were later abandoned.

Ashmore City Shopping Centre as it looks now.

Ashmore City was developed in the 1980s by Norm Rix and counts the big four banks among its tenants as well as Bank of Queensland, Liquorland, Chempro, Goldstein’s Bakery and Chempro.

The centre, which has 40 tenancies, is anchored by Drakes IGA supermarket, which was recently refurbished.

It has a net lettable area of 8819sq m and parking for 597 cars.

Alder Constructions general manager Dean Cheffers said the work, which began April 1, will take six-months to complete.

“We anticipate minimal disruption to shoppers and staff for the duration of the project,” he said.

“Our team is working closely with centre management to ensure a seamless construction phase.”

ACSC Investments Pty Ltd bought the centre for $34.3 million in 2016 off receivers.