Exciting expansion plans for the North Blackburn Shopping Centre are progressing.
Subject to development approval, the expansion will be undertaken by property manager and centre owner Australian Unity.
Ms Nikki Panagopoulos, Fund Manager for the Australian Unity Retail Property Fund said “the development will not only create jobs and much needed community services, it will modernise the centre for existing customers and retailers as well as increasing its appeal to new customers”.
The expansion will entail a refurbishment of the 50 year old neighbourhood shopping centre and include upgrades to community services such as an expanded medical centre, a food and beverage entertainment precinct and an enhanced supermarket offering.
“The expansion will add a number of new services as well as significantly improving the overall shopping experience at the conveniently located centre with plenty of parking” she said.
Construction is anticipated to commence in early 2019, subject to obtaining all necessary approvals. Once completed, the development will add to the income and capital profile for investors in the Australian Unity Retail Property Fund who have enjoyed a 16.2% per annum return for the five years to 30 June 2018.1
About Australian Unity
Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including more than 270,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.
About Australian Unity Retail Property Fund
The Retail Property Fund owns a quality portfolio of retail properties, collectively with 200 tenancies, including many of Australia’s most successful retail brands. The Fund aims to deliver a stable income distribution over the long term, as well as capital growth.
Units in the Australian Unity Retail Property Fund ARSN 133 632 765 are issued by Australian Unity Funds Management Limited ABN 60 071 497 115, AFS Licence No 234454 as the responsible entity. Information provided here is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the product you should obtain a copy of the Product Disclosure Statement (PDS) and seek professional financial, legal and taxation advice. Past performance is not a reliable indicator of future performance and any figures quoted are accurate at the time of publication.
1Returns are calculated after fees and expenses and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance.