Allens has advised one of Australia’s largest property fund managers, ISPT, on the redevelopment of Karingal Hub Shopping Centre in Frankston, Victoria.
The Allens team, led by Partners David McLeish and David Donnelly and Senior Associate Ben van Weel, advised on all aspects of the project, such as commercial, legal and procurement matters.
The redevelopment includes refurbishing the existing centre, expanding the gross lettable area by around 12,000 square metres and constructing a new entertainment precinct with functional outdoor spaces, dining areas and a multi-level car park.
Karingal Hub is well situated on the Frankston-Cranbourne Road and connected to the Mornington Peninsula Freeway. Tenants include Village Cinemas, Big W, Woolworths, Coles, Aldi and 150 specialty retailers.
‘The redevelopment of Karingal Hub is set to revitalise the shopping precinct by enhancing the connection between the existing centre and the Star Zone Karingal. Once complete, Karingal Hub will be a centerpiece of the Frankston and Mornington Peninsula region and provide substantial benefit for the local community,’ said David McLeish.
‘This transaction caps off a busy year for the Projects & Development team who have provided integrated advice on the development, construction, leasing and financing of a series of development projects,’ said David Donnelly.
Allens is proud to have advised ISPT on this transaction, which is another example of Allens and ISPT working closely together on a major development project to deliver value to ISPT’s investors.