Shepparton Retail Holdings Pty Ltd, in conjunction with Coles Group Property Developments Ltd, acquired the Shepparton CBD Retail Portfolio in September 2012.

Coles & Kmart, Shepparton, VIC

(Refurbishment) 25-31 Vaughan Street and Cnr Vaughan & Maude Streets, Shepparton, Victoria

SRH’s component of the transaction includes an existing Coles & Kmart Super Store, together with 2 substantial car park sites, fronting Vaughan Street and the other on the Corner of Vaughan & Maude Streets.

The former IGA Supermarket and arcade of shops, together with a number of other separate lots of land have been acquired by Coles Group Property Developments Ltd and Lascorp Development Group (Aust) Pty Ltd is project managing their redevelopment on behalf of CGPD.

The reconstruction of the main Vaughan Street car park, together with shade sails to 162 marked spaces commenced in late 2012. A major upgrade of the Coles & Kmart building, including a new facade to Vaughan & Maude Streets, and mechanical and electrical services upgrades, is scheduled for the second half of 2013.

The anticipate completion date of the project is Christmas 2013.

The project is a major urban renewal of a neglected part of Victoria’s 4th largest regional City. The total site area of 3.8 hectares, has 1.2km of street frontage, so the impact on this southern precinct of the Shepparton CBD will be profound.