LASALLE Investment Management has started the redevelopment of Nerang Mall shopping centre on the Gold Coast in south-east Queensland.
LaSalle bought the property in early 2012, which comprises total lettable area of 8,750 sqm and is anchored by a Woolworths Supermarket, Crazy Clark’s Discount Variety Stores, Terry White Pharmacy and other specialty stores.
Woolworths recently signed a new lease for a further 20 years for 4.606 sqm and plans to undertake a complete store refurbishment over the next six months while continuing to trade.
LaSalle will invest $14.5 million on the redevelopment, which will include widening and refurbishing the common area, introducing a second travelator between the lower car park and the shopping mall, refurbishing the public amenities and refreshing the tenant mix of specialty stores.
Fund manager Simone Dalley said the redevelopment is a long-term investment and part of LaSalle’s strategy of acquiring and repositioning assets in order to maximize the returns of the property.
Separately, LaSalle will soon complete the first stage of the refurbishment of Kippa-Ring Shopping Centre in northeast Brisbane. The redevelopment will expand the size of the mall by 25% as well as add on modern amenities and quality fit-outs.
Property Review
