FEDERATION Centres has delivered the final stage of the $110 million redevelopment of Cranbourne Park.
The 18 months long project has added 13,500 sqm of space, introducing new retailers including JB HiFi Home, Harris Scarfe, Typo and Smiggle, as well as new restaurants and a state of the art children’s play area to the centre.
Executive general manager development Jonathan Timms said the centre was completed below the forecast budget and has delivered returns ahead of expectations and is already trading well above expectations.
“This is the second major project to be completed as part of our national development pipeline,” he added.
The centres now comprises more than 120 speciality stores, anchored by Coles, Target and Kmart. In addition, there are 1,700 car spaces with new underground and shaded roof top parking.
The City of Casey estimates 400 ongoing jobs will be created in retail at Cranbourne Park resulting in an additional $72.5 million annually in economic activity.
Australian Property Journal
