DWPF Fund Manager, Graham Pearson, said: “The Willows redevelopment is consistent with DWPF’s strategy to build value through active asset management, including developing and upgrading retail centres to ensure they meet the current and future needs of tenants and the wider community.”
“The Willows expansion will draw on DB RREEF’s expertise as a retail developer and fulfil our commitment to bring greater retail variety to the fast growing Thuringowa region.”
DWPF’s five year development pipeline now stands at approximately $750 million, including its interest in the recently approved Space 1 Bligh Sydney office development.
The Willows DA approval coincided with confirmation that Big W had signed on as the anchor tenant for the redevelopment.
The Willows expansion will increase the centre size by 13,000 square metres and include the Big W store, two mini majors, about 50 specialty stores, 600 additional car spaces and upgraded amenities. Construction is expected to begin in June 2008, with an estimated completion date of September 2009.
Thuringowa is one of the fastest growing areas in Queensland and research conducted by Urbis on behalf of DB RREEF forecasts that in the next 20 years, around 69 percent of the region’s population growth will occur in the western corridor, serviced by Willows Shoppingtown. The 13,000 square metre expansion is the first stage of a proposed 72,000 square metre redevelopment for the centre over the next 20 years.