History
The centre was constructed and opened in 1970 by The Westfield Group. At its opening, it was reputedly the largest shopping mall in the Southern Hemisphere. This title has since been overtaken by newer centres. The centre has undergone extensive renovations since its opening. Some of these include an 8 screen cinema complex operated by Birch Carroll and Coyle in 1987, the addition of a third level in 1995 and the extension and upgrade of the cinema complex into a 16 screen (including Gold Class) Megaplex in 1998. Until 2000, Indooroopilly Shopping Centre was known as Westfield Shoppingtown Indooroopilly.
In 2000, The Westfield Group sold its 50% joint venture stake in the centre to Commonwealth Funds Management (CFM) for $300 million. CFM, through its management of the Commonwealth Property Fund (CPF), was the other partner in the joint venture, owning the other 50% stake and giving them full ownership of the centre as a result of the sale. In 2005, CPF (while managed by Colonial First State Property) sold 50% of the centre to the Public Sector and Commonwealth Superannuation Schemes (PSS/CSS). Today, the centre is owned by Eureka Funds Management, as trustee of both CPF and PSS/CSS.
The centre has just embarked upon a 450 million dollar refurbishment and expansion of the centre which will provide significant improvements to the centre. It is expected to be complete in 2014.
On the 1st of November 2012, Indooroopilly's first redevelopment milestone was met with the opening of the new Target store and 6 children's fashion retailers in a new Children's Precinct on level 2.
Read more about this topic: Indooroopilly Shopping Centre
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