Cranbourne Park to be transformed by $110 M project
The Federation Centres and ISPT-owned Cranbourne Park Shopping Centre in Victoria will be bigger and better following a major redevelopment and refurbishment project designed to create a whole new look and shopping experience for the centre.
The development will add approximately 12,500 sqm of retail space including a brand new Target discount department store, a relocated and latest large-format design Coles supermarket, new mini-majors and around 55 new specialty shops. The existing centre will also be refurbished and the current Kmart will be remodelled. This will revitalise the shopping experience, offering more fashion, lifestyle and dining options.
Federation Centres’ Executive General Manager – Development & Asset Strategy, Jonathan Timms said: “We are very excited about this development. Cranbourne Park is in the heart of one of Victoria’s strongest growth corridors and will be truly transformed by this project to become the destination of choice for customers and retailers in the Cranbourne area.”
Fund Manager Mark Bassett from ISPT said: “The development demonstrates a strong support for local investment. The shift to a more contemporary retail offer at Cranbourne Park will provide customers with an exciting new focal point that will contribute to the livability and sense of place for the town centre. We look forward to making a contribution to the community over the long term.”
Minor works for the $110 million development will commence prior to Christmas, with the main building activity underway in January 2014 and completion expected in 2015.