Commonwealth Property appoints Gandel to manage Indooroopilly

26 February 2001

Commonwealth Property Fund (CPF) is to focus on local marketing of the Indooroopilly Shopping Centre following the appointment of Gandel Asset Management Pty Ltd (Gandel) as the new centre manager.

CPF is the largest wholesale property fund managed by Commonwealth Property, the property funds management arm of Commonwealth Bank Group, and recently settled acquisition of the remaining 50 per cent of Indooroopilly.

Commonwealth Property believes Gandel's experience in managing high quality regional centres, most notably Chadstone, will be of significant value to the management of Indooroopilly.

The starting point for Commonwealth Property's marketing strategy is to focus less on the corporate branding of the Centre and to market it more within its local community.

As part of the marketing campaign, the Centre will be renamed Indooroopilly Town Centre.

Indooroopilly already has a substantial marketing budget but Commonwealth Property expects redistribution of this budget will give the Centre more market penetration within its local catchment.

According to Mr Rod Cowdroy, CPF's fund manager, the Fund moved to full ownership because it believed it was the best centre of its kind in Australia.

"We want to enhance that reputation further and to make Indooroopilly Town Centre a magnet for a pleasurable and effective shopping experience," Mr Cowdroy said.

"From a focus on reputation and increasing awareness of what Indooroopilly offers, Commonwealth Property expects to increase the Centre's share of retail spending available in the catchment area," he added.

Located six kilometres from the centre of Brisbane, Indooroopilly is in the heart of a catchment area that is expanding in population numbers and spending power.

Recent statistics have shown that the Indooroopilly area has an average per capita income in its primary trade area that is 31.9 per cent* above Brisbane's average.

Specifics of the new marketing campaign are to be determined in coming months and implemented in the financial year commencing July, 2001, in conjunction with the new manager taking over in March 2001.

CPF is a fixed life unlisted property fund comprising $2.3 billion in retail and office assets, with unitholders including major superannuation funds.

*Analysis by Jebb Holland Dimasi based on ABS Census of Population and Housing 1996.