Global supermarket chain ALDI has become the second major tenant to join the retail mix within the $232 million mixed-use Coorparoo Square project in Brisbane’s inner southeast.
ALDI has signed a lease on a 1,729sqm space and joins boutique cinema operator Dendy Cinemas as anchor tenants at the three-tower project.
Coorparoo Square, a joint venture between Frasers Property Australia (formerly known as Australand) and Honeycombes Property Group, is under construction on a site previously occupied by Myer’s first Queensland store, a landmark whose demolition attracted significant interest.
The addition of ALDI strengthens the value offering and is consequently expected to have a positive impact on sales of the limited remaining apartments.
Cameron Leggatt, Queensland Residential General Manager of Frasers Property Australia, said Coorparoo Square’s emerging retail offering would add significant value to its residents.
“Shopping, entertainment and dining will be right at the doorsteps of Coorparoo Square’s residents,” he said.
“This store will also benefit from an immediate catchment of shoppers from the 700-plus people who will reside at Coorparoo Square,” Mr Leggatt said.
Peter Honeycombe, Managing Director of Honeycombes Property Group, said the addition of ALDI would not only boost the supermarket’s presence in Brisbane’s growing inner southeast, but would also benefit the wider Coorparoo community.
“Locals will have an alternative new shopping precinct with an exciting retail mix that we believe will make Coorparoo Square a unique destination in its own right,” he said.
ALDI Coorparoo Square is set to open in the second quarter of 2017 and will add to the company’s 53 stores in Brisbane.
As well as residential and retail elements, Coorparoo Square will include Club Coorparoo, a resident-only accessible lifestyle precinct with tennis court, two large swimming pools, large recreation areas and green space.
The residential offering will include a mix of one, two and three-bedroom apartments as well as a limited number of luxury penthouses.
To date, more than 320 of Coorparoo Square’s 366 apartments have sold with apartments in the final stage selling fast.
Two-bedroom apartments are priced from $478,000 and three-bedroom configurations are selling from $740,000. Three-bedroom penthouses are priced from $895,000.
Located just 4.5km from the CBD, Coorparoo Square is under construction on a 1.2ha site, on the corner of Old Cleveland and Cavendish roads.
National building company Probuild is constructing the project.
Source: News Release, The Urban Developer, 02 November, 2015