Toowong Village Shopping Centre is set to undergo a $50 million refurbishment in a strategic move to meet the changing needs of the centre’s high-end city fringe consumer.
The refurbishments will commence in early 2014 with completion scheduled for mid-2015.
Built in 1986, the centre is currently owned by YFG and managed by Retail First Shopping Centres, a subsidiary of the First Group.
Retail First Shopping Centres’ Managing Director, Steven Bridges, said conclusive market research was undertaken and informed the decision to undergo extensive upgrades.
“Our research revealed Toowong Village’s key customer demographic to be high income earning, socially connected and focused on a high-quality fashion and food offering.
“All three shopping levels of the 46,000 square metre property will undergo complete refurbishment. These changes will allow us to enhance the tenancy mix to better reflect the needs of the Toowong shopper, while maintaining the convenience and intimacy of a local village precinct,” Mr Bridges said.
“The redesigned centre will also feature a new directional parking system, with all car parking remaining free, as a clear point of difference to the CBD and other fashion-based mega-centres.”
Award-winning retail architects the Buchan Group will lead the design, having previously worked on Brisbane’s Wintergarden and Robina Town Centre.
Buchan Group Managing Director, Greg Sheehan, said the transformation would unveil a simplified mall layout, with sweeping ceiling forms and shopfront lines to provide a contemporary flair.
“The overall aesthetic of the interior will be elegant and warm, but with a contemporary edge that will re-define Toowong Village as a premium shopping experience,” Mr Sheehan said.
Mr Bridges said planning was well underway for major construction to commence in early 2014.
“The first stage of the Toowong Village transformation included the recently extended and refurbished David Jones department store, with evidence showing it has been welcomed by the Toowong customer.
“The centre will remain open during the complete refurbishment period and all efforts will be made to ensure disruption to shoppers is kept to a minimum during this time,” he said.
Mr Bridges said the refreshed tenancy mix, to be unveiled in 2015, would complement the centre’s customers’ lifestyles, aspirations and consumer practices.
“This refurbishment marks an exciting time for Brisbane, with the village set to become one of the city’s premier shopping destinations and a high-quality alternative to other major retail-based precincts in Brisbane,” Mr Bridges said.
Toowong Village is committed to providing customers with timely, knowledgeable service; a consistent quality of all Retail First managed shopping centres.