Indooroopilly shopping centre is set for a major facelift, with a $450 million expansion receiving the green light from planning authorities.
Eureka Funds Management, which manages the superannuation trust that holds a 50 per cent stake in the centre, announced today that development approval had been obtained and work had started on the 30,000 square metre addition.
Construction company Brookfield Multiplex is expected the finish the work by April 2014.
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In addition, apartment buildings up to 20 storeys will be allowed near Indooroopilly shopping centre and Indooroopilly train station under a draft neighbourhood plan passed by Brisbane City Council in December.
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These changes will probably have a negative impact on those apartments very close to the shopping centre, such as those on upper Station Road, on Belgrave Road and on Grosvenor Road. But for those apartments a little further away from the shopping centre, it will be a positive addition and will add further value to those apartments.
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