Rescue plan unfolds for King Albert Park centre
King Albert Park centre unit owner and tenant EagleWings is expanding its presence in the strata mall this month in response to occupancy issues.
Broken anchor-tenant deals combined with rent decreases and overall low occupancy have prompted the firm to open a premium cinema with an internal fashion store on the premises, as well as outlets for fast-food chain Carl’s Junior, Camaca cafe and an optical shop.
While the move has cost several million dollars, the rental unit uptake has already encouraged other tenants to open at the mall, including Japanese restaurant Gaijin and bubble tea shop LiHo.
The mall however still remains half empty two years after completion on the site of the former McDonald’s Place. Many unit owners at the mall have had no rental income from their investment during this time, with some complaining that almost every single unit is small in size.