This article is from the Australian Property Journal archive
DISCOUNT department chain Target has signed a lease to open a store at LaSalle Investment Management's Kippa-Ring shopping centre, north-east of Brisbane.
The new lease will take the occupancy rate at the centre, which is currently under redevelopment, to 65%.
Target has signed a lease for a new 2,400 sqm store, joining Woolworths which is leasing 3,600 sqm and 34 other specialty shops. The centre is located at Kippa Ring, approximately 27km from Brisbane’s CBD.
LaSalle acquired the centre on behalf of the LaSalle Australia Core Plus Fund (LACPF) for $22.7 million in October 2010 and is investing a further $32 million in the property’s refurbishment which commenced in August 2012.
The redevelopment will increase the size of the existing centre by 25%. The new Target store and remaining 18 specialty shops will complete the redevelopment and are scheduled to open at the end of June 2013.
LaSalle Australia Core Plus fund manager Simone Dalley said the redevelopment is progressing very well and it aims to open the new Woolworths Supermarket along with the first 16 specialty stores on 1 April next year.
Property Review
