The Retail First managed portfolio continues to see ongoing investment

The Retail First portfolio of shopping centres, owned by YFG Shopping Centres and Trondage Enterprises, continues to see significant investment in the retail sector.

Recent works include the full refurbishment, new travelators and tenancy remix of Toowong Village, while at Australia Fair, a substantial upgrade incorporates a foodie laneway, rooftop bar and Brookside Shopping Centre’s rebuild and revival of the Brook Hotel includes a new Dan Murphy’s pad site and a three-level, 40-bed hotel.

Toowong Village is expected to be completed by November, the Australia Fair completion date is anticipated in April 2023, Brookside’s Dan Murphy’s will open in April next year and the Brook Hotel completion by late 2023.

Retail First’s Managing Director, Steven Bridges, said that the assets had proven to be resilient in the face of major disruption in recent years, such as the pandemic and severe weather events, and that this has given the owners confidence to move forward with investment in the portfolio, major construction works, and asset acquisitions.

“The Centres are all anchored by either Coles or Woolworths supermarkets or both, and in many instances also ALDI, Kmart, Big W and Target, which helped in driving and maintaining customer visitation in recent years,” Bridges said.

“The significant works underway across multiple shopping centres is a strong indication of confidence in the portfolio and the retail industry. We regularly look for value-adding opportunities, tenancy remixing, and upgrading of common mall areas and facilities, to ensure we continue to meet customer and industry expectations.”

The Retail First portfolio of 21 South East Queensland-based shopping centres, including recent additions of Mt Ommaney Centre (acquired in 2020) and Strathpine Centre (acquired in 2021), is privately owned by two local Brisbane families and employs more than 150 people locally. Retail First’s strategy for the owners has always been to hold assets in the longer term and to deliver a strong and growing source of income.