DON O’Rorke’s Consolidated Properties Group and CVS Lane Capital Partners started on the $20 million refurbishment and leasing program for the Wilsonton shopping centre.
The refurbishment program of the 18,500 sqm centre is expected to be complete by July 2019.
“Wilsonton shopping centre was established in 1996, with the last expansion in 2015 to add a health and services precinct, so the timing is right for an upgrade to bring the entire centre in line with contemporary retail design,” O’Rorke said. “The centre already services about 44,000 weekly visitors and is positioned as a key retail hub for Toowoomba’s northern suburbs.
“Part of our refurbishment strategy is to attract additional retailers to the mix of Wilsonton’s 45 specialty stores to enhance trade and ultimately provide a boost to the local economy, in addition to the anticipated job creation.”
Upon completion, the centre is expected to have an end value of approximately $90 million.
In addition to the Wilsonton purchase, the retail partnership has recently commenced construction of new full-line Coles Supermarkets at both the Karalee Shopping Village and Pavilions Palm Beach. The pipeline also includes a major retail and lifestyle centre to be developed within the Yeerongpilly Green master planned community – another joint venture between Consolidated Properties and CVS Lane Capital Partners.
Assets under development within the retail partnership have a completed value approaching $400 million, and it’s anticipated to grow to $600 million and beyond over the next two to three years.
Australian Property Journal
