AUSTRALIAN Unity Investments has started on the $65 million expansion of the Waurn Ponds shopping centre in Geelong.
A further 21,000 sqm, taking the total to 35,000 sqm. The majority of the new centre has already been taken up by major retailers including Coles and Kmart, who join current retailers Target, Priceline, Reading Cinemas and Woolworths.
The expansion is being undertaken as part of a joint venture between the AUI Retail Property Fund and Coles Group Property Developments Limited.
AUI head of property Peter Lambden said the expanded shopping centre has been designed for, and will be well-positioned to, respond to the needs of the growing population of Greater Geelong which is forecast to grow by 35% reaching 298,000 in 2031.
“The plans for the expansion mean the existing shopping centre will extend to the south onto adjacent land, allowing it to maintain its convenient single level format and linking to the existing centre via a high-quality, fashion focussed mall.
“The expansion will also provide an additional 700 free car parking spaces, which our research has shown is a key attraction for shoppers,” he added.
Meanwhile AUI is currently seeking approval from investors in its Second Industrial Trust (SIT) to merge the trust with its larger, more diversified and flagship Office Property Fund (OPF).
Investors in SIT will be eligible to vote on the proposal, which intends to create a $360 million property fund currently holding commercial properties in Sydney, Melbourne, Adelaide, Brisbane, Canberra, and Perth.
Investors will be able to vote via proxy or by attending a general meeting of investors on Friday 24 May 2013 in Melbourne.
Property Review
