ASX-listed Vicinity Centres is planning to redevelop the Buranda Village shopping centre in Brisbane into a mixed-use precinct with offices and more than 600 homes.
The redevelopment proposal includes an 8,200 sqm laneway-based retail and dining village and 50,000 sqm of office space located about 5km south of the Brisbane CBD.
Vicinity acquired the sub-regional retail property in 2000 and redeveloped it in 2005.
The single-level property has 11,645 sqm of gross lettable area and more than 30 tenants, including Target and Woolworths as major tenants.
“Our proposal to redevelop Buranda Village into a mixed-use precinct of the future will deliver a refreshed retail offer introducing a new dining experience, complemented by landscaped community spaces, residential apartments and workplace solutions, all in the one location,” said Vicinity’s Chief Development Officer Carolyn Viney.
“In addition to delivering everyday community needs to local residents and workers, the plan also delivers a significant economic benefit, creating close to 580 jobs during the development phase and more than 3,200 long-term jobs.
“In every sense, this is a true mixed-use outcome where our offerings complement each other to create a modern and activated community while also taking advantage of the strong rail, bus and car transport links and the proposed Brisbane Metro Cross and River Rail services.”
The commercial office space will span across three buildings, while the 600 apartments will be spread across four residential buildings.
The project is targeting a 5-star Green Star rating and will include initiatives such as solar energy systems, sustainable travel initiatives and passive design strategies.
Last month, Vicinity unveiled plans to develop a new eight-storey A-Grade office building adjacent to its Bayside shopping centre in Melbourne, as it redevelops the site into a mixed-use precinct.
The new building will offer 14,000 sqm of office space, in addition to ground floor dining and retail spaces.
Bayside is a three-level major regional shopping centre located in Frankston, about 41km southeast of the Melbourne CBD.
The redevelopment plans come after Vicinity bought a 50% stake in the Gold Coast’s Harbour Town outlet centre from a Lendlease-managed fund for $358 million in October last year.
Vicinity is the second-largest listed manager of Australian retail property, with $22 billion in retail assets under management.