JEN Retail Properties was granted Development Approval from Canada Bay Council to go ahead with a $40 million refurbishment of the Birkenhead Point Shopping Centre in Sydney's inner west.
The 29,800 sqm waterfront centre at Drummoyne features four levels of retail and commercial office space plus a marina promenade.
The $40 million refurbishment is scheduled to commence in July 2007.
Jen Retail Properties’ general manager for Birkenhead Point Robert Beck said the refurbishment will result in new configurations on all levels, including converting some of the commercial office space to retail and providing additional links and travelators between levels.
“One of the other key aims of the refurbishment is to better utilise the centre’s prime waterfront location for the benefit of customers, retailers and the local community.
“Central to this is the creation of a new restaurant precinct with indoor and outdoor seating on the marina promenade level as well as an expansion of the food court to take maximum advantage of the balcony and outdoor dining areas,” he added.
Anchor tenants at Birkenhead Point Shopping Centre include a 1,364 sqm David Jones Warehouse and a 2,350 sqm Coles supermarket, supported by a range of factory outlet and general retail tenants. There is also a small commercial office component and decked bay carparking.
The centre was originally developed through the conversion of an historic waterfront factory in circa 1979 and overlooks Iron Cove and beyond across
Jen Retail Properties bought the centre in December 2004 for $111 million. Following the refurbishment, the centre will have an end value of approximately $225 million.
The Birkenhead Point refurbishment will bring the total value of Jen Retail Properties’ retail portfolio to approximately $640 million.
Jen Retail Properties owns and manages five retail centres, totalling more 100,000 sqm, in
Jen Retail Properties is the private group of Denis Jen.
Australian Property Journal