A popular Frenchs Forest retail hub has sold for $100 million after a failed attempt to secure approval to revamp the 57-year-old Forestway Shopping Centre.
Invesco sold Forestway Shopping Centre to Revelop, a Paramatta-based investment firm, in an off-market deal in early 2021. Revelop specialises in commercial and residential developments and is now the biggest Frenchs Forest property owner.
The Forestway Shopping Centre covers nearly 10,000 square metres of retail, commercial and office space, including two major supermarkets — ALDI and Woolworths — and the established fast-food chain store, McDonald’s.
The new owner isn’t planning on a massive revamp but will, instead, focus on improving three key areas of the shopping centre: the appearance, the parking spaces and the mix of tenancies.
“As with all our property transactions, Forestway was a strategic acquisition that allowed us to build on an established local centre that offered vast upside opportunities without detracting from the convenience that makes Forestway a favourite with our locals,” Revelop director Charbel Hazzouri said in the press release.
Once the plans are finalised, we will commence a staged delivery focusing on expansion and improvements of our current tenants, introduction of new tenants to improve the mix and experience and look to the larger scale improvements.”
Forestway Shopping Centre was built in 1966. In 2015, Invesco bought the site for $112 million with the intention of doing major redevelopments and demolition.
However, the Northern Beaches community objected to the proposal down the plans despite the developer’s promise to bring in better food and drink choices and a host of services like a medical facility and a childcare centre, a gym and more shops or commercial establishments.
In December 2020, the Council rejected the development application, citing that the project doesn’t meet the standards for environmental planning grounds. Council also said that the plans run contrary to the community’s expectations.