The redevelopment is expected to be the centrepiece of the region when finished
Allens has advised ISPT on the redevelopment of a shopping centre in Victoria.
ISPT, one of the country’s largest property fund managers, is refurbishing the Karingal Hub Shopping Centre in Frankston and expanding its lettable area by about 12,000sqm.
The Allens team was led by partners David McLeish and David Donnelly, as well as senior associate Ben van Weel. They advised on all aspects of the project, including commercial, legal, and procurement matters.
“The redevelopment of Karingal Hub is set to revitalise the shopping precinct by enhancing the connection between the existing centre and Star Zone Karingal. Once complete, Karingal Hub will be a centrepiece of the Frankston and Mornington Peninsula region and provide substantial benefit for the local community,” McLeish said.
With its redevelopment, said to cost some $160m, Karingal Hub welcomes Coles and Aldi as tenants. The centre also features Big W, Village Cinemas, and Woolworths.
Donnelly said that the deal capped off a busy year for the Allens projects and development team, which he said was busy in 2019 advising on the development, construction, leasing, and financing of several projects.
The Allens team also included associate Olivia Roslaniec and lawyers Eugene Twomey, Tom Lawson, and Kalia Laycock-Walsh.