April 28 2020 -
$45 million Moggill development first of its kind in over 45 years
Consolidated Properties Group and Newground Capital Partners have announced construction will commence this week on the first new shopping centre in the Moggill area since 1973, which will create 370+ jobs in construction and retail over its lifetime.
The 6100m2 development, located 30 minutes west of the Brisbane CBD and opposite Moggill State School, will house a brand new, large 3500m2 Coles Supermarket, 18 specialty stores and a first-floor office component. The new shopping centre will also be located on a flood-free site.
The works are being undertaken by Hutchinson Builders, generating 200 jobs in construction. Once operational, it is expected that the centre will create 120 jobs at Coles and another 50 positions within specialty retailers. Construction is expected to be completed by mid 2021.
Consolidated Properties Group Head of Retail Kieran Cox says the new centre is welcome news for the Moggill and Bellbowrie communities.
“Population growth in the catchment area has grown significantly and with the strong prospect of continued growth into the future, Coles Moggill Village is a necessary addition,” he said.
“The centre will include a larger than normal 3500m2 Coles Supermarket ensuring the community is well serviced in terms of product range and availability along with a selection of specialty and food and beverage operators to help fill the current void in the area.”
“We’ve already secured a number of tenants to date including a fruit shop, delicatessen, restaurant, pharmacy, news agency, post office and café so there are only a handful of tenancies remaining.”
Newground Capital Partners Managing Director Daniel Erez said the development of Coles Moggill Village demonstrates the strength and resilience of the Neighbourhood Centre asset class due to its ability to withstand typical market movements and also not so typical movements, such as those experienced during the recent pandemic.
“The region is booming with strong population growth and an average household income 30 per cent above the Brisbane average.”
“We have a great opportunity to meet the retail gap in the area whilst providing investors with access to a defensive asset class that generates income underpinned by a national supermarket tenant.”
Coles Moggill Village is located at 3366 Moggill Road and will offer 315 car parks. Limited tenancies remain ranging from 50 – 150sqm. For leasing information contact JLL’s Taylor Macri on 0403 572 555. For further information on leasing opportunities, please contact Sam Barr on 0404 807 653 or email@example.com