Refurbishment of Wilsonton Shopping Centre underway

Refurbishment of Wilsonton Shopping Centre underway
Refurbishment of Wilsonton Shopping Centre underway

Consolidated Properties Group and CVS Lane Capital Partners have commenced a major refurbishment and leasing program for the Wilsonton Shopping Centre, which they acquired 2 months ago.

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.

Refurbishment of Wilsonton Shopping Centre underway

Wilsonton Shopping Centre is located in Northern Toowoomba and was established in 1996, with the last expansion in 2015 to add a health and services precinct.

Consolidated Properties Group Executive Chairman Don O'Rorke says the strong fundamentals, including the solid trading history of anchor tenants Woolworths and Coles, were key to the acquisition.

The 18,500 sqm Wilsonton Shopping Centre is the latest addition Consolidated Properties Group and CVS Lane Capital Partners retail partnership portfolio.

Mr O'Rorke said, "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."

The Centre services about 44,000 weekly visitors.

Wilsonton Centre currently has around 45 specialty stores and 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 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 is anticipated to grow to $600 million plus over the next two to three years

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Cvs Lane Capital Parners Consolidated Properties Group

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