Private developer Consolidated Properties Group has launched a new small projects division with a focus on delivering boutique retail and commercial developments valued up to $10 million.
The new business division will complement the group’s growing retail portfolio, which currently contains four neighbourhood centres to a value of almost $400 million.
Consolidated Properties executive chairman Don O’Rorke said the aim is to have an active workbook of four-to-five small projects on-the-go, with a focus on boutique retail, commercial, childcare and medical centres.
“In recent years we have focused our attention on neighbourhood retail precincts, but we have now recognised an opportunity to expand to the small projects space,” O’Rorke said.
“We are currently looking for more opportunities and already have a number of potential projects in the pipeline.”
O’Rorke said Daniel Doran will head the small projects arm.
The Group’s first small project, with architects Alleanza and Hutchinson Builders as the construction team, was a 7-Eleven service centre in Brisbane’s Mango Hill which opened last week.
“We acquired the 1862sq m Mango Hill site in late 2016 after identifying a gap in the market for a convenience retail offering based on anticipated growth of the catchment area,” Doran said.
The project has been on-sold to a private Brisbane-based investor for more than $5 million on a six per cent yield.
“7-Eleven is the sole occupant of the site, which has been secured on a 15-year lease,” Doran said.
The development company, established almost 40-years ago, has delivered more than 200 projects valued in excess of $2.1 billion spanning residential, master-planned communities, resorts, retail and commercial developments.