This article is from the Australian Property Journal archive
TERRY White has bought two major properties in Coorparoo Junction, Brisbane and intends to inject $12 million to develop a new retail and medical complex.
White who is the founder of the highly successful Australia-wide Terry White Chemists Group, is already a major investor in the precinct.
He told Australian Property Journal yesterday that this investment is a catalyst for the renaissance of the Coorparoo Junction strip which is badly in need of redevelopment.
“We think the timing is ideal and the location is excellent to invest in such a major redevelopment of strip retail space. What’s more, the proposed upgrade will dovetail extremely well with the government’s plans to locate a major busway terminal at Coorparoo Junction.”
White said it is clear that consumers are looking for the convenience of major health precincts which bring together the synergies of allied health professionals like the one planned for Coorparoo Junction.
“What’s more, most institutional shopping centres do not understand the power of health precincts by failing to recognise the demographic changes in the Australian population,” White said. “Their unwillingness to make space available and high rents is driving businesses like ours to seek alternative options like strip locations. At Coorparoo Junction we will be able to cater for the health needs of the local community in about 2,000 sqm,”
“Shopping centres need to adjust to the demographic change, and to be more creative rather than the ongoing repetition of the current offer,” he continued.
The development will include a super new Terry White Chemists, a medical centre with eight consulting rooms, podiatry and other allied health services. The complex will also include a major commitment by Queensland X-ray, a subsidiary company of the publicly listed Sonic Healthcare.
As part of the development, Terry White Chemists will replace and expand on the existing Coorparoo Day Night Pharmacy, which opened in 1957.
Australian Property Journal
