Hutchinson Builders will kick off construction on a shopping village development in Brisbane’s west, the first new shopping centre in more than 45 years.
Consolidated Properties Group and Newground Capital Partners are behind the Moggill development, which spans a 6100sq m site, 19 kilometres west of Brisbane.
The pair said the site, purchased for $5 million in 2013, is the first new shopping centre development in the Moggill area since 1973.
The new shopping centre's construction timeline remains intact during the Covid-19 pandemic, with a 2021 completion date.
“The centre will include a larger than normal 3500m2 Coles Supermarket ensuring the community is well serviced,” Consolidated Properties Group head of retail Kieran Cox said.
The new centre development, located at 3366 Moggill Road, aims to service the Moggill and Bellbowrie communities.
Cox said the group had secured a number of tenants to date, with a handful of tenancies remaining.
Newground Capital Partners managing director Daniel Erez said population growth in the catchment area had increased demand for the centre.
“The region is booming with strong population growth and an average household income 30 per cent above the Brisbane average,” Ezra said.
Consolidated Properties chairman Don O’Rorke said it was “business as usual” during Covid-19, when speaking at The Urban Developer’s vSummit last week.
Adding that the group was staying close to stakeholders, such as its tenants in the retail portfolio, during the health crisis.
In March, Consolidated Properties Group and CVS Lane Capital Partners snapped up the Great Western Super Centre in Brisbane suburb Keperra for $84.5 million.
The purchase followed an active 2019 in the retail sector, with the partnership purchasing the Arndale Shopping Centre in October for $35.5 million.