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JLL WA appointed to manage historic, south west asset through redevelopment phase
The closing of Bunbury City Plaza's anchor supermarket this week marks the commencement of redevelopment of what is one of regional Western Australia's oldest shopping centre assets, 175km south west of the Perth CBD, with JLL appointed to manage the asset and project lease retail tenancies across the redevelopment phase.
Trading for around 50 years, the existing asset, approximately 4,200sqm of net lettable area, is anchored by a small Woolworths supermarket and incorporates a mix of retail and office uses.
JLL's Associate Director, Retail Property and Asset Management, Alex Martin said the planned redevelopment will see demolition of the existing supermarket to incorporate a larger, modernised offering.
"The Plaza has been a valued fixture of the Bunbury community for approximately 50 years, however, given the high level of new retail development coming on line in the surrounding catchments, it is fitting that the site be revitalised so it can continue to serve residents as a leading retail asset.
"Works planned for the site include the demolition of the existing Woolworths supermarket and into the surrounding blocks in order to accommodate a new, 3,800sqm Woolworths tenancy and liquor outlet, as well as 230 car parks and refurbished specialty tenancies," said Mr Martin.
The property's owners, locals of the area for over 40 years, have appointed local consultants Perkins Builders, MCG Architects and Tecon Australia to assist in delivery of the project and are currently working with the City of Bunbury to finalise approvals.
"The project has been exceptionally well received by the City of Bunbury, retail tenants and the broader community.
"For Bunbury City Plaza customers, the centre is still trading seven days a week and it is business as usual for the speciality tenants.
"Closure of the old Woolworths supermarket is the first step in the process, with work anticipated to commence later this year and the new supermarket completed and trading from mid-2016.
"The owners look forward to delivering a new, modern retail centre that will service the needs of the local community long into the future," said Mr Martin.
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