Australian Unity Real Estate Investment plans to expand and upgrade the Busselton Central Shopping Centre in Western Australia.
Busselton is located approximately 230 kilometres south west of the Perth CBD. The area is a popular seaside tourist destination and is recognised as one of Western Australia’s premier tourist spots.
The Busselton Central Shopping Centre is owned by the Australian Unity Diversified Property Fund (DPF), an unlisted property fund that invests in retail, office and industrial properties in Australia.
Nikki Panagopoulos, property portfolio manager – DPF, said the proposed development will see the city’s main shopping centre increase in size by 40% to 16,000sqm. The expansion will include a full size discount department store, additional specialty shops, and a food and entertainment precinct with cafes and a restaurant.
“The expanded centre will be anchored to the west by a discount department store of about 4,000sqm, the first for the city, and will be incorporated into the existing centre via an internal mall which is currently anchored by an IGA supermarket and 20 national specialty stores,” Ms Panagopoulos said.
“The west corner will also see the development of a decked car park which significantly increases the city’s car parking capacity in line with the council’s town planning scheme.”
The concept plan was developed in conjunction with representatives from the Busselton City Council and a development application will be lodged imminently for consideration.
Providing approval is granted, the development will be staged to minimise disruption to the community and tenants and is expected to be completed over a two year period.
“This project will be of significant benefit to the Busselton community,” Ms Panagopoulos said.
“The Busselton Centre Shopping Centre is an important retail hub for the city which has experienced significant population growth in recent times with Busselton witnessing an average 4% population growth rate over the past decade compared to the Australian average of 1.6%.*
The centre’s expansion focuses on current and future needs of the community, and will deliver a large department store, encouraging shoppers to the Busselton CBD and contribute to increased social and commercial vibrancy for the district.
“Investors in DPF will benefit from the investment with the re-development to cement the shopping centre’s flagship position in the Busselton CBD, Ms Panagopoulos said.
*Australian Bureau of Statistics, Regional Population Growth, Australia 2012-2013, released 3 April 2014.
Australian Unity Real Estate Investment is the property funds management business of Australian Unity Investments, part of the Australian Unity group, a national healthcare, financial services and retirement living organisation that has been operating for more than 175 years.
AUREI was established in 1998 and, through its unlisted property funds, owns and manages more than 50 properties in the healthcare, retail and commercial sectors across Australia. It has more than $1.8 billion in funds under management (as at 31 December 2014).
For more information please contact:
Nikki Panagopoulos, property portfolio manager – DPF
Phone: 03 8682 4442