Stockland reviews options for retail centres

PROPERTY giant Stockland says it is reviewing plans for land holdings adjacent to its Aitkenvale shopping centre and a series of development opportunities in Townsville.

Stockland was commenting after its Kingsvale and Sunvale properties on Ross River Rd have been boarded up and a former Westpac Bank tenancy has been vacant for almost two years.

Sources say Stockland has not been interested in leasing for the former bank tenancy and building.

Stockland had announced plans for a $50 million entertainment and leisure development including cinemas on land behind Kingsvale and Sunvale in 2014.

But the development has not proceeded and Townsville City Council is reporting that Stockland’s development approval for the precinct has lapsed.

Yesterday, a Stockland spokeswoman said that since receiving development approval for the precinct in 2015, they had been undertaking a comprehensive review of their plans for the land holdings adjacent to the main centre including the Sunvale Kingsvale site and a series of development opportunities in Townsville.

“We’re currently working through a number of options that focus on experiential offerings and are taking the time to ensure we have a proposal that best meets community needs and desires,” the spokeswoman said.

“We’re committed to the region and actively work with our retailers, customers, community groups and not-for-profits on a number of initiatives for Stockland Townsville and its broader community. “

The spokeswoman said Stockland was also leading a working group of Aitkenvale precinct stakeholders on community needs and desires to inform their planning in the short and long term.

Stockland sold a 50 per cent stake in its Aitkenvale assets, including the shopping centre, the Nathan St centre, Kingsvale and Sunvale properties on Ross River Rd, to AMP for $228.7 million in 2014, saying a proportion of the 2014 sale proceeds would be reinvested into the precinct.