Elanor Investors Group outlines plans for Toowoomba’s Clifford Gardens Shopping Centre after $145m purchase

A major investment firm has forked out $145m for one of Toowoomba’s largest shopping centres. It has some big plans for the site.

Toowoomba's Clifford Gardens Shopping Centre has been bought by Elanor Investors Group, in partnership with Savills Investment Management, for $145m.

The new owners of one of Toowoomba’s largest shopping centres have outlined big plans to revamp the site after securing it in a $145m deal.

ASX-listed Elanor Investors Group was revealed this week to have bought Clifford Gardens Shopping Centre (right) in a joint venture with Savills Investment Management.

Elanor head of retail, development and mixed use, Matt Healy, said the company planned to spend about $14m on the centre, largely to “remix” the current tenancy make-up and create new entrances next to Coles and the food court to improve accessibility.

Toowoomba's Clifford Gardens Shopping Centre has been bought by Elanor Investors Group, in partnership with Savills Investment Management, for $145m.

“There’s an opportunity to remix the tenants towards more everyday needs and non-discretionary services like medical, health, wellbeing and food,” he said.

“We see an opportunity to also leverage the theme of Toowoomba being a retiree hotspot, producing more uses around health, medical and wellbeing, including a radiology clinic.

“We also think there’s an opportunity to actively manage the asset and embrace the local community, which we’re not sure the previous owner did.

“We’re going into it with eyes wide open, we’ve looked at the tenancy base and sustainability of the occupancy costs and we’re allocating an appropriate amount of capital into the asset.”

Mr Healy said the company was also looking at turning another site at the rear of the property into a different use, such as a childcare centre.

But he said a long-term goal would be to make better use of the centre’s prominent position on Anzac Avenue by introducing new stand-alone fast food eateries or a new service station.

Mr Healy said he already had parties interested.

“Only 40 per cent of the land has the shopping centre on it, so we think we could add two fast food sites right on the corners,” he said.

“It is very oversupplied with parking right now.”