Canberra’s Belconnen Markets set for $100m redevelopment
Listed real estate manager Elanor Investors Group is advancing its plans to overhaul Canberra’s Belconnen Markets precinct, with a $100 million project to introduce a market hall and new outlets.
The group has won approval from the ACT government for first-stage redevelopment of the enclosed markets.
Elanor last year set up a managed fund to buy the Belconnen Markets for $43.75 million.
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At the time it flagged a redevelopment of the site, including the carpark and vacant development land.
The Belconnen Markets opened in 1978 and have already undergone four redevelopments. The site is spread over about 3ha and Elanor noted then it had favourable mixed-use zoning and planning controls.
Elanor Investors chief Glenn Willis says the site could be redeveloped into a mixed-use precinct capitalising on its proximity to new developments.
The first stage of the project is expected to be completed this year and comprises 3750sq m of strip retail, suited to shops between 200sqm and 1000sqm. The first stage sits opposite a separately owned Bunnings and will be built on vacant land.
“Development of the Belconnen Markets precinct exemplifies our strategy of unlocking the value in our funds real estate assets while delivering outstanding projects to the local community,” Willis says.
Elanor has attracted interest from mini-majors, specialty retailers and service providers about occupying the first stage.
The company has lodged its second stage development application, which aims to replace the ageing existing markets with a 5500sq m market hall with a focus on specialty food retailers and food outlets.
Elanor Investors co-head of real estate, Michael Baliva, said the Belconnen Markets precinct masterplan was influenced by recent trends in Europe and North America where markets are an important anchor of community economic activity.
This article originally appeared on www.theaustralian.com.au/property.
