The new owner and manager of Kallangur Fair Shopping Centre has big things planned for the complex to make it more appealing to long-time customers and newcomers, while creating opportunities for future expansion.
Sydney-based investment firm Ganellen Asset Management bought the centre from a Singapore-based private investor for $22.45 million and took ownership and management of the property on August 1.
Ganellen Real Estate Asset Management Managing Director Richard Manning says the firm has been investing in supermarket-anchored convenience centres for over 10 years.
This is its first investment in South East Queensland.
Before now, the firm was concerned there was an oversupply of supermarkets in Queensland, but there has since been significant population growth and infrastructure spend which piqued its interest in investing.
Mr Manning says the anchor tenant, Woolworths, provides the dominant supermarket in the area, with easy access and plenty of convenient carparking. It’s tenure at the property is more than 20 years.
The centre’s proximity to the train station and the fact that it backs onto Paris Park and has good street access at the rear was also appealing.
“There’s potential for growth and improvement,” he says.
The firm has a long-term vision for the broader precinct and won’t change anything too quickly.
The view is to improve the centre and broader precinct, perhaps seeking planning consent for uses such as aged care and student accommodation, while working with existing and ‘improved retail’.
“We’re looking at a long term-plan, we want to get this right,” Mr Manning says.
He says there is the potential to attract a national brand discount pharmacy, which would be good for the community.
“We want to give the centre a minor modernisation including the new signage to the facade. It’s stuck in the 90s. We want to create a friendlier environment for the neighbourhood,” he says.
The firm is also keen to work with a markets provider to host markets on weekends and has instigated dialogue with a well-known local operator.
“It will put Kallangur more on the map. We’ll do things that are family friendly - jumping castle and petting zoo – to make it a great place to visit on the weekends,” Mr Manning says.
The expectation is that shoppers will see what is on offer at the centre and continue to make it their local.
Mr Manning says the hairdresser and newsagent have been at Kallangur Fair Shopping Centre for a long time and he’s keen for them to remain.
“We’re not a Westfield, we’re investment managers who co-invest alongside our investors,” he explains.
The team is focusing on next year, a time when it is widely expected the community and government will manage COVID-19 differently.
He says convenience neighbourhood centres were more popular with customers than their larger counterparts at present. This is expected to continue.
“We take a strategic perspective on the property and want to select uses that complement the retail component,” Mr Manning says.
When asked for the project timeline, he replies, “we’ll take our time”.
“This is a community centre. People who grew up in the area have been shopping there for a long time,” he explains.
“We’ll work with the existing pharmacy and vacancies over the next 6-12 months. The facade will likely be modernized in the next 12-18 months.”
Ganellen Asset Management is an Australian-owned business which has been operating for a long time and has an appetite to buy more properties of this type in the region and Queensland.
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