This article is from the Australian Property Journal archive
CONSOLIDATED Properties has revealed a new $80 million redevelopment of Woolworths-based Kippa-Ring Village shopping centre on the Redcliffe Peninsula.
A development application for approval of the shopping centre expansion has now been lodged with the Moreton Bay Regional Council. Consolidated Properties bought the property for $31.125 million in February last year from a private Brisbane investor.
Kippa-Ring Village located 37kms north of Brisbane’s CBD.
Project partner Kieran Cox said the older-style Woolworths-anchored complex had a net lettable area of 9,500 sqm, which included an 800 sqm stand-alone medical centre, a two-level commercial building and professional suites.
He said the redevelopment would increase the net lettable area of the complex to approximately 14,000 sqm, including a brand new Woolworths outlet of 4,000 sqm. The transaction and Woolworths pre-commitment was negotiated by L.J. Hooker Commercial’s Peter Kneipp.
The expanded complex will also feature 30 to 40 specialty stores over a single level, most major banks, a brand new medical centre and 1,500 sqm of brand new commercial space.
“The complex immediately adjoins the Peninsula Fair sub-regional shopping centre and this precinct is recognised as the commercial and retail hub of the high-growth Redcliffe Peninsula.
“The centre is ideally suited to redevelopment given its central location and the provision of easy access to onsite parking for between 550 and 600 cars.
“We have had discussions with all existing tenants regarding our plans and many are keen to stay on at the centre. We have also held positive discussions with a number of interested national operators seeking to secure access to the exciting growth of the Peninsula region,” he continued.
Cox said the architects responsible for the redevelopment design would be TRG led by retail specialist Rod Rose. Redevelopment construction work by Hutchinsons Builders is expected to start in late 2008 or early 2009 and will take between 12 and 14 months to complete.
Australian Property Journal
