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Frasers Property acquires remaining 50 per cent stake in new Brisbane icon.
Brisbane – 26 October – The new shopping centre at Coorparoo Square, a community reinvigorating the former Myer department store site on Brisbane CBD’s eastern fringe, will open later this year - and Frasers Property Australia has done some early Christmas shopping.
Frasers Property has agreed to purchase Honeycombes Property Group’s 50 per cent stake in the Coorparoo Square retail precinct. The retail centre is the natural heart of the new $252 million mixed-use Coorparoo Square community, which is being jointly developed by Frasers Property and Honeycombes.
The acquisition means Frasers Property now owns 100 per cent of the 6,700sqm ALDI and Dendy anchored Coorparoo Square shopping centre, which is due for completion in the fourth quarter of 2017.
Coorparoo Square shopping centre is 4.5kms from the city centre and 13 tenants have been secured to date, with the 10-theatre Dendy Cinemas complex and ALDI proving major drawcards in JLL’s retail leasing program.
The centre has attracted a range of innovative food and beverage outlets, including American BBQ specialist Smokey Pipes, pan-Asian street food operator Junk Boat, Mexican specialist Poblano, boutique bar Beyond the Pale, La Mimosa Gelato, Saffron Indian, Mission Vietnamese and Kivahan bakery, as well as hairdresser TigerLamb.
Peri Macdonald, Executive General Manager – Retail, Frasers Property Australia says the acquisition of a 100 per cent interest in Coorparoo Square shopping centre is a prime example of the company’s retail strategy in action.
“Coorparoo Square shopping centre is exactly what our retail business is about: a well-connected neighbourhood centre with a fantastic mix focused on food and entertainment and geared towards the local needs of the residential community it serves,” Mr Macdonald says.
“By engaging with the future residents at Coorparoo Square, understanding the needs of the different people who will call the community home, we’ve focused on welcoming a range of retailers that will complement their lifestyles, in a centre designed to add value to the surrounding urban form,” he says.
Peter Honeycombe, Managing Director of Honeycombes Property Group, says the landmark development will deliver a cutting-edge food and beverage precinct that is attracting a diverse array of well-known and new foodies.
“The sale of the balance 50% to Frasers Property will ensure the joint venture’s original vision for the development is delivered. This is a fantastic outcome for the retailers and residents,” Mr Honeycombe says.
In addition to the shopping centre, the Coorparoo Square mixed-use community includes three apartment buildings with 366 apartments in a mix of one-bedroom, two-bedroom, two-bedroom plus multi-purpose room, three-bedroom and luxury penthouse apartments.
The community will be home to around 1,000 residents on completion, who will enjoy membership to Club Coorparoo, a unique private recreational domain with a 25 metre lap pool, a second recreational pool, full-size tennis court, gymnasium, private dining room and leafy enclaves for entertaining or relaxing.
They will also enjoy convenient access to a shopping centre which, according to Cameron Taudevin of JLL, is the subject of strong interest from national and local business operators.
“Coorparoo Square offers a great inner Brisbane location and the retail precinct benefits from the many apartments within the development,” says Mr Taudevin.
There are 12 tenancies remaining for lease at Coorparoo Square shopping centre, ranging in size from 53sqm to 87sqm at street level, and 200sqm on the lower ground level.
“Our current focus is on groups with particular uses that suit the retail amenity, such as an artisan baker, beauty therapist, optometrist and complementary medical uses,” says Mr Taudevin.
Retailers interested in securing a spot in Brisbane's newest iconic address should visit www.frasersproperty.com.au/QLD/Coorparoo-Square/Life-At/Shopping