Deagon Market Square Undergoes $4-M Transformation Under New Ownership

Deagon Shopping Centre
Photo Credit: Google Maps

Deagon Market Square, once regarded a fading retail hub, is set to undergo a remarkable $4-million transformation that includes new tenants like Cofficition Cafe, Price Busters, a gym, child care centre, and a new sushi restaurant.

Formerly a quiet and neglected spot, Deagon Market Square has now come under the ownership of Ganellen Property, a Sydney-based asset management company known for its commitment to revitalizing commercial spaces. 

The acquisition marks another step in Ganellen’s portfolio expansion, following their successful repositioning of the Woolworths-anchored Kallangur Fair Shopping Centre in August 2021.

With a comprehensive vision to create a convenient and dynamic shopping destination, Ganellen Property has partnered with the existing tenants and together, they are investing over $4 million in rejuvenating Deagon Market Square. This concerted effort involves introducing novel stores and reimagining the layout and services offered.

The endeavour aims to revamp the centre, located nine kilometres northeast of Aspley, into a vibrant and diverse community space.

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Among the exciting additions to the centre is the trendy Cofficition Cafe, which promises to be a stylish and inviting coffee shop serving as a focal point for shoppers to gather, relax, and socialise. 

Additionally, a new sushi restaurant will cater to culinary enthusiasts seeking diverse dining experiences.

Price Busters, the well-known Queensland-based discount variety chain, will occupy the space formerly held by the Reject Shop. 

Deagon Shopping Centre
The old Deagon Market Square
Photo Credit: Ganellen Property

Ganellen Property acquired the shopping centre for $20 million in 2022 and has become an integral part of the company’s strategic vision to foster engaging and thriving community hubs. Anchored by Fresh & Save Food Warehouse on a 15-year lease until 2031, Deagon Market Square also boasts other key tenants such as Guppy’s Early Learning, Rackley Swimming, and Club Lime Gym. 

But the overhaul doesn’t stop with these additions. Ganellen Property’s General Manager, Jason Zagni, expressed his excitement about breathing new life into the shopping centre, reiterating the company’s commitment to continuous improvement and community engagement within the Deagon shopping centre.

On its official site, the company laid out its plans for the shopping centre to include a re-mix of its specialty tenants, including introducing key missing food and service tenant uses and improved income through the introduction of new GLA and improved operational management. 

Published 23-Aug-2023