Consolidated Properties Group and CVS Lane Capital Partners have commenced a major refurbishment and leasing program for the Wilsonton Shopping Centre, which was acquired in July 2018. The centre is located in the Toowoomba Region, Queensland, five kilometres west of the central business district.
The $20 million refurbishment program, which is expected to be complete by July 2019, will include upgrades to the northern and western entry facades, additional signage, full internal and external repainting, new furniture and lighting, new landscaping and improvements to roofing and public amenities, bringing the entire centre in line with contemporary retail design.
The refurbishment program of the 18,500m2 Wilsonton Shopping Centre is expected to attract a variety of new tenants to the centre and create jobs for more than 200 people during construction, with an additional 120 full-time employees to join the centre once work is completed.
Cr Chris Tait, Cr Anne Glasheen, Don O’Rorke, Mayor Paul Antonio, Sean Lees, MP Trevor Watts
Consolidated Properties Group Executive Chairman Don O’Rorke says the Wilsonton Shopping Centre is a blue-chip asset in their portfolio. He says the Centre’s strong fundamentals, including the solid trading history of anchor tenants Woolworths and Coles, were key to the acquisition.
“The portfolio now comprises four shopping centres along the eastern seaboard, with a focus on the non-discretionary retail sector and neighbourhood retail precincts which have the potential for upgrade or expansion,” he said.
Wilsonton Shopping Centre was established in 1996, with the last expansion in 2015 which added a health and services precinct.
- Sean Lees, Mayor Paul Antonio, MP Trevor Watts, Don O’Rorke
- Consolidated Properties-Group Executive Chairman-Don O’Rorke
“Part of our refurbishment strategy is to attract additional retailers to the mix of Wilsonton’s 45 specialty stores to enhance trade and ultimately provide a boost to the local economy, in addition to the anticipated job creation.”
Upon completion of the refurbishment program, Wilsonton Shopping Centre is expected to have an end value of approximately $90 million.
In addition to the Wilsonton purchase, the retail partnership has recently commenced construction of new full-line Coles Supermarkets at both the Karalee Shopping Village and Pavilions Palm Beach. The pipeline also includes a major retail and lifestyle centre to be developed within the Yeerongpilly Green master planned community – another joint venture between Consolidated Properties and CVS Lane Capital Partners.
Assets under development within the retail partnership have a completed value approaching $400 million, and it’s anticipated to grow to $600 million and beyond over the next two to three years.
Wilsonton Shopping Centre
