Elanor Investors Group (Elanor) has gained approval for the first stage of its $100 million revitalisation of Canberra’s Belconnen Markets precinct.
Positioned just nine kilometres from Parliament House and close to a high-density residential development, Stage One of the project will comprise 3,750 square metres (sqm) of strip retail ideally suited to retailers with floorplans between 200 sqm and 1,000 sqm in size.
Elanor Investors Group CEO Glenn Willis said in the short time since acquiring the property in June, they’ve been pleased with the progress to revitalise the precinct.
With Stage One approved, Elanor has now lodged a Stage Two development application which will seek to replace the site of Belconnen Markets with a spacious new 5,500 sqm market hall with undercover parking for 146 cars.
The new market hall will be designed with a high roof structure that promotes an abundance of natural light and ventilation, and is scheduled to open in late 2020.
The second stage of the project represents a 30 per cent increase in the market hall’s footprint, allowing for the introduction of new specialty food retailers and food catering outlets to complement Belconnen Markets’ existing fresh food offering.
Elanor’s Co-Head of Real Estate Michael Baliva said the Belconnen Markets precinct masterplan was influenced heavily by recent trends in Europe and North America, where markets are an important anchor of community economic activity.
“Our vision for the new markets precinct is to transform it into a day-night destination for Canberra residents and its visitors, providing a unique experience not currently available elsewhere in the ACT or NSW,” he commented.
Stage One of the project is expected to be completed in late 2019.