COMMERCIAL PROPERTY, SALES & LEASING

ISPT goes forward with $160m Karingal Hub redevelopment

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ISPT, one of Australia’s largest unlisted property fund managers, is going forward with the $160 million transformation Karingal Hub shopping centre in Frankston.

To over delivered over the coming 18 months, the expanded Karingal Hub will feature improved leisure, entertainment and shopping spaces as well increased free parking and seamless centre connectivity.

The redevelopment will welcome the addition of Coles and Aldi to open alongside the centre’s Big W, Village Cinemas and a fully refurbished Woolworths.

ISPT general manager development services, Chris McCluskey, said after several years of considered planning and consultation with retailers and shoppers, the redevelopment is poised to deliver a dramatic new vision that will reimagine it as a leading destination for the Mornington Peninsula, providing a complete and convenient shopping hub for the local community.

ISPT has appointed Probuild to the redevelopment, with work to commence from January 2020. Once completed it will also result in the creation of 300 full-time and part-time retail positions.

“We are excited to advise that works will soon commence on the transformation of Karingal Hub shopping centre into a revitalised destination for our community. Celebrating the local Peninsula lifestyle through new outdoor spaces and vibrant new facilities, the sustainably designed expansion reflects our strong commitment to the environment, retailers, customers and community.” McCluskey said.

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