Elanor Investments Group has announced the Belconnen Market Syndicate has received approval from the ACT Government for the first stage of its planned $100 million revitalisation of Canberra’s Belconnen Markets precinct. Located only nine kilometres from Parliament House and in close proximity to high density residential developments, the centre will provide local customers with a new dimension of retail.
Stage one of the project comprises of 3,750m2 of strip retail and is expected to be complete in late 2019. The new development is located opposite an existing Bunnings store with exposure to 30,000 cars daily along Belconnen Way. Elanor have lodged its stage two development application which seeks to replace the ageing Belconnen Markets with a spacious new 5,500m2 market hall with undercover parking. Stage two will be open in late 2020.
Glenn Willis, CEO of Elanor Investors Group said “Development of the Belconnen Markets precinct exemplifies Elanor’s funds management strategy of unlocking value in our funds’ real estate assets. In only a short time since the syndicate acquired the property in June 2018 we are pleased with the progress of our strategy to revitalise the Belconnen Markets precinct.”
On completion of Stage two the centre will have a 30% increased in its footprint allowing for new specialty food retailers and food catering to complement existing offers.
Elanor’s Co-Head of Real Estate, Michael Baliva said “The Belconnen Markets precinct masterplan has been influenced by recent trends Europe and North America where markets anchor community economic activity. Our vision for the new markets is to transform it into a day/night destination for Canberra residents providing a unique experience not currently available elsewhere.”
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