This article is from the Australian Property Journal archive
QIC Global Real Estate has started construction on the $500 million redevelopment of Grand Central in Toowoomba.
QIC GRE managing director Steven Leigh said the redevelopment will introduce new discount department stores, new supermarkets, and approximately 160 specialty retailers.
There will also be a new fresh food precinct and alfresco dining and an additional 2,000 car park spaces will be added, taking the total number to 4,000.
“The redevelopment of Grand Central, including a two-level retail galleria linking to the former Gardentown shopping centre, will maximise the prime location of the centre at the heart of a vibrant, diverse and bourgeoning regional area.
“It represents a significant investment of approximately $500 million and will contribute to the ongoing revitalisation of Toowoomba’s CBD, which is a key objective of the Toowoomba Regional Council’s City Centre Master Plan,” Leigh said.
“Once complete, the development will double the size of Grand Central to a total of approximately 90,000 sqm,” he added.
QIC acquired a 50% interest in Grand Central in 1994 prior to its construction. The centre was completed in 1996 in a joint venture with the Coles Myer Group, at which time QIC purchased the remaining 50% stake. The five-screen cinema complex was added to the Centre in 1999. QIC acquired Gardentown in January 2009 with a view to this redevelopment.
Completion is anticipated by early 2017.
Australian Property Journal
