Property funds manager ISPT and joint venture partner Vicinity Centres have unveiled a $350 million upgrade of Mandurah Forum shopping centre in Western Australia.
The redevelopment will include an extensive renovation to the existing centre almost doubling in size with the addition of 26,200 sqm of new retail floor space.
Mr Angus McNaughton, CEO and Managing Director of Vicinity said the project was a key part of the joint venture’s $3.1 billion development pipeline.
“This $350 million project (Vicinity share $175 million) will reinforce Mandurah Forum’s position as the primary retail destination in one of Australia’s fastest growing regions,” he said.
The redevelopment will include an extensive renovation to the existing centre and a significant expansion, and will transform Mandurah Forum into one of WA’s leading Major Regional shopping centres, creating a new retail heart for southern Perth.
This will be the fourth development partnership for Vicinity and ISPT, following the successful development completions at Cranbourne Park, VIC, in September last year, Halls Head Central last month and Warriewood Square in New South Wales which completes in June this year.
Vicinity’s Executive General Manager of Development Jonathan Timms said: “This transformational redevelopment in southern Perth will create a strong focal point for one of the fastest growing catchments in Australia with 2.8% population growth per annum forecast between now and 2030.
“Almost doubling in size with the addition of a further 26,200 sqm of new retail floor space together with a complete revitalisation of the existing centre, an exceptional retail destination offering a superior customer experience will be created at Mandurah Forum designed for the growing local community and visitors to the popular Peel tourist region.
Sam Curry, ISPT’s General Manager, Retail Services said: “This exciting development will deliver new brands and retail offerings to the Mandurah region, expanding the choice for our customers. The community will also benefit from the addition of great new meeting places.”
The redevelopment will create an estimated 1,000 jobs during construction and more than 700 ongoing retail jobs at the Centre on completion. With construction set to commence in May 2016, the transformed centre is expected to open in 2018.
ISPT invests more than $8.5 billion in key residential, office, industrial and development properties across Australia and around the world.
Founded in 1994, ISPT has grown from its original four industry super fund owners to be co-owned by 22 industry funds and similar like-minded organisations. ISPT now effectively invests the savings of 50% of Australian workers in property.