Brookfield Multiplex has secured the contract for the A$450m (£304m) extension and refurbishment of the Indooroopilly Shopping Centre in Brisbane, Queensland, Australia.
Eureka Funds Management, which manages the superannuation trust that holds a 50% stake in the centre, revealed that development approval had been obtained and work has started on the extension, with an estimated completion date of April 2014.
The project will add around 30,000m2 of new retail space to the shopping centre.
Brookfield Multiplex regional managing director, David Ghannoum, said the project represents one of the largest redevelopment investments made in Brisbane’s retailing sector over the past decade.
The project will add a new mall and fresh food area, a new 14,200m2 David Jones department store, a newly fitted-out Mya department store with a reconfigured two-level layout, and a new supermarket.
The extension will also add additional parking spaces, upgrades to external facades and a facelift for existing retail precincts within the centre.
Following the redevelopment, the centre’s retail space will increase to about 115,000m2 to house around 340 retailers.
Eureka Funds Management managing director, Bob Kelly, said that David Jones selected Indooroopilly because of the strong demographics of the centre and the western corridor catchment area in which the centre is located.
"David Jones’ pre-commitment to this redevelopment is a resounding endorsement of Indooroopilly Shopping Centre’s demographic reach, strategic location and dynamic retail mix," Kelly said.
The redevelopment marks the culmination of four years of planning and consultation with Brisbane City Council, various state government agencies and retailers.
During the construction phase the project will create 1,500 new jobs; once completed, the upgraded shopping centre will add another 1,200 permanent, part-time and casual positions.
Image: Work on the shopping centre extension project has already begun and is scheduled to complete in April 2014. Image courtesy of Brookfield Multiplex.