Stage One of $100M Belconnen Markets revitalisation launched
The ACT Government has granted Elanor Investors Group approval for the first stage of a $100 million revitalisation of Canberra’s Belconnen Markets precinct.
The three-hectare site is located only nine kilometres from Parliament House and in close proximity to high-density residential development with complementary retail amenities.
Stage One of the project is expected to be completed in late 2019 and comprises 3,750 sqm of strip retail, ideally suited to retailers between 200 sqm and 1,000 sqm in size.
Situated directly opposite Bunnings Warehouse, Stage One will be built on vacant land providing exposure to 30,000 vehicles daily travelling along Belconnen Way, with signalised access at the Lathlain Street intersection.
With Stage One approved, Elanor has now lodged its Stage Two development application which will seek to replace the current Belconnen Markets with a new 5,500 sqm market hall supported by under-cover parking for 146 cars.
The market hall design will feature a high roof structure based on passive sustainable design principles, allowing for significant natural light and ventilation and .
Stage Two represents a 30% increase in the market hall’s footprint, allowing for the introduction of new specialty food retailers and food catering outlets to complement Belconnen Markets’ existing fresh food offering. Stage Two is scheduled to open in late 2020.
What they say...
“Development of the Belconnen Markets precinct exemplifies our strategy of unlocking the value in our funds’ real estate assets whilst delivering outstanding projects to the local community.
In the short time since we acquired the property in June 2018, we’ve been pleased with the progress of our strategy to revitalise the Belconnen Markets precinct.
There has already been strong interest from “mini-majors”, specialty retailers and service providers in the Stage One offering, which will complement the current retail precinct.”
- Glenn Willis, CEO of Elanor Investors Group
“The Belconnen Markets precinct masterplan has been influenced by recent trends in Europe and North America where markets are an important anchor of community economic activity.
Our vision for the new Markets precinct is to transform it into a day-night destination for Canberra residents and its visitors, providing a unique experience not currently available elsewhere in the ACT or NSW.
In other parts of the world, revitalised markets are increasingly activating mixed-use precincts.”
- Michael Baliva, Elanor’s Co-Head of Real Estate