Aug 08, 2012
by Cheryl Tay
The redevelopment of Kippa-Ring Shopping Centre (pictured) in Brisbane, Australia has officially commenced, according to LaSalle Investment Management.
LaSalle invested A$60 million (S$78.6 million) in the redevelopment of the property, which it had acquired for A$22.7 million (S$29.7 million) in October 2010, on behalf of the LaSalle Australia Core Plus Fund (LACPF).
Scheduled for completion in 2013, the revamp will provide improved access, a modern retail environment and new retailers.
Aside from expanding the centre's size by 25 percent, the revamp will also provide 35 specialty retailers and a 3,600 sq m Woolworths supermarket.
"The redevelopment of Kippa-Ring Shopping Centre is a significant, long-term investment and an opportunity to maximise the site's central location and close proximity to future rail transport network to create a vibrant retail precinct," said Simone Dalley, Manager at LACPF.
Dalley noted that the original centre is now over 40 years old and deserves "a significant remodeling to ensure it is able to meet the demands and expectations of the growing trade area."
While redevelopment is going on, existing smaller tenants Priceline Pharmacy, ANZ Bank and Woolworths will continue business as usual but will eventually move to new premises next year.
Managed by La Salle, LACPF has a diversified portfolio comprising retail, office and industrial properties, valued at A$608 million (S$796 million).
