This article is from the Australian Property Journal archive
A $25 million redevelopment has started on the Victor Central shopping centre in Victor Harbour, South Australia.
The redevelopment will include a new 5,500 sqm Big W Discount Department Store, together with 17 new specialty shops.
The expansion is expected to be completed by May 2009 and the centre will continue to trade throughout the development works.
Perks Property Investments, acting on behalf of a syndicate, purchased Victor Harbor Shopping Centre in 1997. Since that date they have completed two minor extensions and enlarged the car park at the rear of the centre.
In more recent times, Perks Property Investments has purchased six houses on the shopping centre site and a further four houses on Hill Street to enable the $25 million expansion and major upgrade of the shopping centre.
Managing director Harry Perks said the up-market development will not only be of major benefit to the local and surrounding community, but will also provide a quality of shopping and services that have been missing in Victor Harbor.
The centre’s manager Jeff Klaebe said customers will be happy with the new service the centre will provide, as well as the 230 additional car parks.
The total area of the Victor Central Shopping Centre will increase by 7,257 sqm and will provide an estimated 150 new full time positions.
Savills research shows the Victor Harbour area has enjoyed good population growth over the past five years, growing 15.9% between the 2001 and 2007 Censuses, or an average of 2.98% per year.
There is currently 65,000 sqm of retail property earmarked to come on line in the three years to 2010. Approximately one third of this is extensions to neighbourhood shopping centre.
Australian Property Journal
