CONSTRUCTION has started on the first new shopping centre in the Moggill area in Brisbane’s outer west for almost five decades.
Coles Moggill Village at 3366 Moggill Rd will have a supermarket, 18 speciality shops and a first floor office component and is being developed by Consolidated Properties Group and Newground Capital Partners. It will create 370 jobs.
Consolidated Properties head of retail Kieran Cox said the new centre was a welcome addition to the Moggill and Bellbowrie communities.
“Population growth in the catchment area has grown significantly and with the strong prospect of continued growth into the future, Coles Moggill Village is a necessary addition,” he said.
“The centre will include a larger than normal 3500sq m Coles Supermarket ensuring the community is well serviced in terms of product range and availability along with a selection of specialty and food and beverage operators to help fill the current void in the area.
We’ve already secured a number of tenants to date including a fruit shop, delicatessen, restaurant, pharmacy, news agency, post office and cafe so there are only a handful of tenancies remaining.”
The 6100sq m development is 30 minutes west of the Brisbane CBD and opposite Moggill State School.
Construction is being undertaken by Hutchinson Builders which will generate 200 jobs and once the doors are open Coles is expected to employ 120 people and there will be another 50 positions within specialty retailers.
Construction is expected to be completed by mid 2021.
Newground Capital Partners managing director Daniel Erez said the development of Coles Moggill Village demonstrates the strength and resilience of the neighbourhood centre asset class due to its ability to withstand typical market movements and also not so typical movements, such as those experienced during the recent pandemic.
“The region is booming with strong population growth and an average household income 30 per cent above the Brisbane average,” he said.
“We have a great opportunity to meet the retail gap in the area while providing investors with access to a defensive asset class that generates income underpinned by a national supermarket tenant.”
Read the full article here: https://www.couriermail.com.au/business/prime-site/construction-has-started-on-coles-moggill-village-which-is-the-first-new-shopping-centre-in-the-area-for-almost-five-decades/news-story/e23f3315f363ba92decad393817e98de
About Newground Capital
Newground Capital Partners are real estate debt & equity partners. The company invests across all sectors of real estate development alongside proven sponsors who require additional capital to grow and execute their project pipeline. Newground provides investors with access to off-market proprietary deal flow, genuine alignment of interest via co-investment, combined with years of experience and a proven track record.