The newly agreed lease will enable redevelopment of the former Beales department store within the shopping centre and deliver long planned improvements. The centre is held on six long leases and one of these included the now defunct store.
The aim of the regear is to enable redevelopment into a 20,000 sq ft fashion store and five other units. Planning consent has already been gained for the changes.
“The regear increases the demise over two areas and is for a 250 year term. It means building can go ahead and provide a real boost for the centre. It also gives us an opportunity to secure a fashion anchor” says GCW director Nick Warr.
GCW was appointed on the Vancouver Quarter in 2013 when it was acquired by a joint venture between LAP and US investment management firm, Oaktree Capital.