Frasers Property Australia has bought out its partner Honeycombes Property Group’s remaining 50 per cent stake in the Coorparoo Square retail precinct.
The new shopping centre at Coorparoo Square, a community reinvigorating the former Myer department store site on Brisbane CBD’s eastern fringe which will open later this year, is the retail centre of the new $252 million mixed-use Coorparoo Square community, 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.
According to Frasers, the centre has attracted a range of 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.
“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,” said Peri Macdonald, executive general manager – Retail, Frasers Property Australia.
“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,” Macdonald said.
Peter Honeycombe, managing director of Honeycombes Property Group, said 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 per cent to Frasers Property will ensure the joint venture’s original vision for the development is delivered,” Honeycombe said. “This is a fantastic outcome for the retailers and residents.”
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 upon completion.
