Service Station Development Given the go-ahead for Shoalwater Shopping Centre
Mustera Property Group Limited is pleased to announce that the Mustera Property Fund has received approval to develop a service station at its Shoalwater Shopping Centre, 121 Safety Bay Road, Shoalwater.
Mustera incorporated the wholesale Australian investment Fund in 2017 and in February 2018 acquired the Centre. The Centre is anchored by a single supermarket of 2,088m² (Supa IGA), a tavern and liquor store (George N Dragon), sixteen specialty tenancies including a medical centre, pharmacy and newsagency.
The Fund’s objectives include, among others, providing investors with stable income and the potential for both income and capital growth through the acquisition of Australian real estate assets.
In line with the Fund’s objectives, Mustera progressed discussions with fuel operators and subsequently lodged a development application for the proposed service station which will be built on approximately 1,800m2 or 12% of the overall site along Safety Bay Road. The service station was approved by the Metro Outer Joint Development Assessment Panel and the construction is expected to commence later this year, subject to funding and builder procurement.
Mustera’s Executive Director, Nick Zborowski, said, “The grant of this development approval is a result of the Group’s broader strategic plan to direct and manage investments in properties with significant value-add potential and at the same time providing strong income. This development will add significantly to the value of the asset.”