Queensland Investment Corporation will spend $20 million expanding its Watergardens Town Centre.
The renovation will add an outdoor restaurant strip and fitness centre.
In north west Melbourne’s Taylors Lakes, the retail asset already contains 115,000 square metres of lettable area.
“The restaurant development along Station Street responds to market needs in an area where demand for leisure amenities outstrips supply,” QIC head of global real estate Laurie Brindle said.
“We have undertaken extensive market research to determine what the community needs. The results identified a pent up demand for restaurants, particularly those with family appeal”.
The landlord added the strip would be the precinct’s first dining precinct.