Sod turning launches $46.9 million retail redevelopment in Adelaide's south
Colonnades Shopping Centre has celebrated the launch of their $46.9 million redevelopment with the 'turning of the first sod' to officially kick off the project.
Federation Centres General Manager of Development & Asset Strategy Stephen Beer took part in the ceremony together with Katrine Hildyard MP, Member for Reynell and City of Onkaparinga Mayor Lorraine Rosenberg.
"It's an exciting day for our team, our retailers and the wider local community as we start construction of our redevelopment, which will introduce a new market-style experience offering customers a one-stop-shop for fresh food and casual dining unrivalled in southern Adelaide," Stephen said.
"Customers today are savvier and crave diverse retail experiences and we are excited that Colonnades will welcome one of South Australia's first Aldi stores, a highly anticipated Masters Home Improvement store along with an expanded and refurbished Woolworths.
"Aldi is one of Australia's fastest growing retailers and at this brand new store the local community will have the chance to discover Aldi's Smarter Shopping experience which is about helping customers stretch their grocery dollars further without compromising on quality.
"Colonnades will also be home to only the second Masters store in Adelaide, which will offer customers more than 30,000 home improvement products at everyday low prices year-round.
"The Woolworths expansion and full store upgrade will include an additional 400 square metres of retail space, bringing the supermarket's most modern store design to local shoppers.
"We're pleased that we're generating an estimated 1,000 jobs for the local community during construction and more than 700 ongoing roles will be created at the Centre," Stephen said.
One of the highlights of the revitalised Colonnades, will be the new family friendly alfresco dining areas which will celebrate fresh produce from the region and beyond and be a new place to meet and eat for the growing local community. Research estimates the Noarlunga region is one of the State's fastest expanding areas with the population expected to grow by more than 25 per cent, to reach close to 210,000 residents by 2034.
Centre Manager Zoltan Heinrich said: "We know our customers are passionate foodies and I'm confident that our contemporary and rustic fresh food market will be very popular with our shoppers.
"With our new and expanded retailers, Colonnades becomes the only local shopping centre to offer
Australia's three major supermarkets - Coles, Woolworths and Aldi," Zoltan said.
On completion the Centre will be home to eight major retailers, 190 specialty stores and 11 mini major retailers and offer an additional 550 car parks.
Anticipated to open in 2016, the centre will remain fully open for business while the redevelopment works are carried out.
The $46.9 million redevelopment of Colonnades is the first South Australian project in Federation
Centres' national development pipeline.
Across Australia, Federation Centres has three additional redevelopments currently underway with a combined value of $250.3 million.
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About Federation Centres (ASX: FDC)
Colonnades is co-owned and managed by Federation Centres (FDC). Federation Centres is a fully vertically integrated Australian Real Estate Investment Trust (A-REIT) specialising in the ownership and management of Australian shopping centres. For more information, please visit our website at www.federationcentres.com.au.