November 29 2019 -
Retail Partnership springs into action for centre makeover
Consolidated Properties Group and CVS Lane Capital Partners have today commenced a $15 million refurbishment program at Arndale Shopping Centre, which is the latest acquisition for the pairs growing $400 million retail portfolio.
The refurbishment is underway just weeks after the October acquisition of the Springwood based retail hub for $35.5 million, putting Hutchinson Builders on track to unveil the new look centre ahead of Christmas 2020.
Arndale, which boasts 11,000sqm of retail space, including 35 specialty stores anchored by Coles supermarket, will undergo a comprehensive aesthetic upgrade to improve the amenity. This will include an upgrade to the four mall entries, a revitalisation of the existing façade, and upgrades to the internal mall and existing services within the centre.
Consolidated Properties Group CEO & Chairman Don O’Rorke says there has been ‘no time wasted’ in getting started on the upgrade, which is expected to yield new national and independent retailers for the 45 year old shopping precinct.
“We are continuing our march in South East Queensland and along the Eastern seaboard, identifying retail centres like Arndale which are ready for immediate improvement,” he said.
“We are completing similar redevelopment programs at Wilsonton Shopping Centre in Toowoomba and Pavilions Palm Beach on the Gold Coast, which are both nearing the finish line and have already seen an uplift in both tenancy performance and consumer traffic.
“Like our other centres, the improvements made to Arndale will result in new jobs, with about 200 positions to be created during construction and a substantial increase in ongoing employment opportunities to be generated.
CVS Lane Capital Partners CEO Lee Centra says Arndale Shopping Centre, which fronts the Pacific Motorway, has been a strong performing centre over many years, but its full potential will be realised following the whole-of-centre upgrade.
“We have learnt the performance of these neighbourhood centres can be attributed to three key factors – accessibility, convenience and variety. We’ll be making improvements in all of these areas,” he said.
“Arndale is already in a highly accessible location, minutes from the motorway and the enhancement of the mall entries will provide shoppers with greater visibility and a much better experience.
“Convenience and variety go hand in hand – people now want all of their shopping needs under one roof, and while Arndale has a great mix of tenants, we will be aiming to increase the variety of stores and services on offer by enticing new retailers as part of this renovation program.”
State MP, Mick de Brenni welcomed the investment saying it added to the significant infrastructure investment made by the Palaszczuk Government in the area.
The Labor Government is catalysing investment and jobs by delivering the biggest road upgrade in the area in history, with the M1/Gateway merge and a Busway to the front door of Arndale due for completion soon.
“Our neighbourhood is going gangbusters – we’ve got better roads, public transport upgrades, school refurbishments and first class sports facilities all underway.”
Mr de Brenni said that Consolidated Properties Group and CVS Lane Capital Partners had successfully delivered projects of significance in partnership with the State Government across South East Queensland.
“Having Don and Lee leading this project means our community can expect a high quality outcome that we’ll all be proud of.”