Spring Lake Metro

Non-mainstream shopping centre anchored by Coles Tavern and First Choice Liquor, acquired in mid-2012.

Timeline

February 2014

The centre was disjointed and had a 40%+ vacancy rate. Our aim was to turn it into a highly functional mixed-use development.

In February 2014, we launched the 20 room boutique hotel refurb, the only facility of its kind in the area and provider of essential services for other parts of the centre. This project was completed in June 2014.

October 2014

In October 2014, we introduced a 75 place child care facility to the centre.

This provided a much needed facility for the large proportion of the community consisting of families with young children, and also for staff members of the centre. The project was completed by June 2015.

January 2018

In January 2018, the first stage of major refurbishment works was carried out plus an additional 350 sqm of infill/extension works.

This project aimed to improve on the existing retail environment and the upgrade of the amenity. The project was completed by November 2018.

November 2018

November 2018 saw the introduction of the medical precinct, which includes a large General Practitioner centre plus additional spaces for allied health and other medical professionals.

The project will invigorate the vacant garden centre and further integrate the services of the existing centre and is expected to be completed by April 2019.

Since 2012

Gross income increase by twofold since acquisition.
Net income increase by twofold since acquisition.
Between July 2012 to June 2018, ROE (excluding Property Revaluations) is around 12.90%.

Current achievements

Overcame the major vacancy issue at beginning of acquisition.
Introduced several new uses into the centre.

Goals

The centre still has several stages of redevelopment opportunities available in the future.
Our intention is to continue the process of redeveloping the centre into a mixed-use development by introducing more retail, commercial, commercial accommodation and community facilities.
The key is to create a truly integrated centre and also to enhance the activation of the centre.