Frasers Property Australia has bought out 50 per cent stake in the Coorparoo Square retail precinct from Honeycombes Property Group, meaning they are now the only owners of the 6,700sqm Coorparoo Square shopping centre. This mall is planned to be finished by the end of this year and very much is expected from this project.
Frasers Property and Honeycombes have developed a unique Coorparoo Square community, investing about $252 million in it and the new shopping mall will be part of this space starting the end of 2017.
Apart from being a retail centre, Peter Honeycombe, managing director of Honeycombes Property Group, said the new district will offer excellent food and beverage service and present numerous well-known brands in this field.
Coorparoo Square shopping centre is exactly what our retail business is about: a well-connected neighbourhood centre with a fantastic mix focused on food and entertainment and geared towards the local needs of the residential community it serves, said Peri Macdonald, executive general manager – retail, Frasers Property Australia.
Coorparoo Square shopping centre is located 4.5kms from the city centre and 13 tenants have been confirmed so far. Some of them are 10-theatre Dendy Cinemas complex and Aldi proving major drawcards in JLL’s retail leasing program.
Within the mall, many well known food and beverage outlets will be at the service for all the visitors, including American BBQ specialist Smokey Pipes, pan-Asian street food operator Junk Boat, La Mimosa Gelato, Saffron Indian, Mission Vietnamese and Kivahan bakery. Let’s not forget Mexican specialist Poblano, boutique bar Beyond the Pale and a hairdresser TigerLamb.
Managing team from Honeycombe claim this business outcome was the best possible solution for both retailers and residents, since the sale of the balance 50 per cent to Frasers Property ensured the original plan for joint venture.
By engaging with the future residents at Coorparoo Square, understanding the needs of the different people who will call the community home, we’ve focused on welcoming a range of retailers that will complement their lifestyles, in a centre designed to add value to the surrounding urban form, Macdonald said.
In addition to the shopping centre, the Coorparoo Square mixed-use community includes three apartment buildings counting 366 apartments. After the completion is done, the community will be home to around 1,000 residents.