Sources say an undisclosed private developer has paid Folkestone around $14 million for the 3600 square metre building which is currently under construction.
The centre, anchored by a Coles supermarket will boost the amount of retail space in Sorrento’s major retail strip by around 20 per cent.
Its approval caused anger amongst local traders, who in 2003, via a special levy, funded half the development costs of a 159-bay car park in Moore Avenue – which will now back onto Coles. The supermarket, which will benefit most from the car park, did not contribute to the car park costs.
Rothelowman architect and director Kim Lowman, who spent six years designing the controversial shopping centre, said several architectural considerations were factored into the design.
“The main issue is that there was no reasonable walkway from the car park up to the main Ocean Beach Road frontage,” said Mr Lowman. “Our original client insisted on looking after that by building a proper walkway up the side of the development. That will certainly benefit the Sorrento community as a whole”
Folkestone managing director Oscar Guglielmi declined to comment on any part of the project or deal when contacted by Capital Gain.
Earlier this month, a joint venture between Folkestone and AMP Capital Investors sold a 52 hectare parcel of land in Altona for $37 million, just two days after it settled. It agreed to pay $25.5 million for the industrial parcel of land in September 2006.