The owners of Australia Fair Shopping Centre, YFG Pty Ltd, will invest $15 million in the redevelopment of Australia Fair West on Scarborough Street, Southport, to create Australia Fair Metro.
The centre will be transformed, including a new dining precinct flowing onto Young Street.
Accentuating the relaxed coastal atmosphere, Australia Fair Metro will encourage shoppers to discover the eclectic mix of retailers and dining options, while also enjoying outdoor areas and spaces to unwind with family and friends.
Australia Fair Centre Manager Malcolm Miller said the owners are committed to the revitalisation of Southport and are making significant investment to capitalise on the council initiatives in Southport including the new Chinatown precinct and Light Rail.
“We’re really excited to be the first part of the broader plan to revitalise Southport “We’ve been an integral part of the Southport region for many years, it’s a vibrant area, and this project will enhance it and add greater choice for both locals and visitors,” Mr Miller said.
Purchased by YFG Shopping Centres from Colonial First State in 2001 and managed by Retail First, the Company has undertaken extensive research to determine the best tenancy mix for the new development.
Mayor Tom Tate
said news of the redevelopment was another exciting step towards the creation of the Gold Coast CBD as a vibrant urban centre.
“This is wonderful news for Southport businesses and residents as the redevelopment will attract new restaurants, and also for tradespeople because it will mean more jobs in the construction phase,” Mr Tate said.
“With this commitment from Australia Fair we will create a world class Chinatown and reinforce Southport as a key business, dining and retail hub.”
The location of the Gold Coast Chinatown will integrate the precinct as part of the urban fabric of Southport, with opportunities existing to connect the precinct through Australia Fair Metro to Southport Central and Nerang Street Mall to Broadwater Parklands.
With the centre now taking expressions of interest for leasing.
Construction is due to commence in November 2014 with completion expected April 2015.