SPENDING lots of money building a big new retail precinct, when shoppers are reluctant and internet sales are a threat, requires a key quality: confidence.
That's what one retail property investor has in spades - Colonial First State Global Asset Management. In partnership with Singapore sovereign wealth fund GIC, Colonial First State has started construction of Emporium Melbourne, the department centre that will replace the old Myer Lonsdale Street store.
Emporium will have 240 tenancies taking up 46,000 square metres of floor space. The aim is to complete the project by Christmas 2013. Details of the cost will be announced at Colonial First State's annual results this month. Full story
