[COM] Armada Arndale (Redevelopment) | $200m

[MaximumForce]

Well I had 18K in Centro but sold my shares for a profit of about $500, 2 days later they tanked. So I was bloody lucky

[Howie]

Well played my friend

[pushbutton]

Well all I know is the signs are still up!

I just hope this doesn't turn into another "State Swimming Centre" fiasco, with signs up for 10 years or so before anything happens!

The difference I suppose is that the Arndale signs actually sepcify a time span for the project ("Diners life opening early 2009", and "New Woolworths opening late 2008", or something like that); whereas the state swimming centre one doesn't mention when!!!

[pushbutton]

Article in todays Advertiser says that Centro have now officially declared they are interested in selling "some or all" of their assets, and that they have already recieved a number of unsolicited expressions of interest from several companies including colonial first state (owners of Chadstone and Elizabeth Shopping Centre, formerly Gandel retail trust).

For whatever reason the Advertiser put an artists impression of one of the new entrances to the proposed redevelopment of Arndale alongside this article. I don't know if Centro asked them to do that or they just thought it appropriate for some reason. If Centro approved it then it would imply that the redevelopment is probably still going ahead though.

[pushbutton]

http://www.insideretailing.com.au/artic ... cleId=2020

Looks like Centros number is up. Or to put it another way, they're screwed!

Can't see any redevelopment of Arndale happening for quite a while now I'm afraid.

Shame really. I think they were a great company in many ways.

[Howie]

I'm hoping another company with a stronger balance sheet can pick centro up for a song and turn this previously great company around.

[Edgar]

does that mean that any redevelopments at Centro Arndale are currently halted?

[Howie]

Best bet, call the number on that bill board with the For Lease sign, ask them if they're taking any tenants for the new shops to be built there. If anyone would know it's the agents.

[loud]

Best bet, call the number on that bill board with the For Lease sign, ask them if they're taking any tenants for the new shops to be built there. If anyone would know it's the agents.

I understand that Centro market and lease their own properties, so their leasing operatives would be towing the company line.

[Howie]

trading halted on Centro.. pending announcement.

[rev]

That recently demolished/cleared site next to BigW will probably become a car park if the redevelopment doesn't go ahead. Still, a car park is better then what was formally there.

[Edgar]

That recently demolished/cleared site next to BigW will probably become a car park if the redevelopment doesn't go ahead. Still, a car park is better then what was formally there.

Was Woolworths supposed to take over the site for tenancy?

[pushbutton]

The plans do include a new woolworths on part of that site yes

[pushbutton]

Well I was expecting the big announcement today, but it doesn't seem to have happened? At least I can't see anything about it on the Centro or Advertiser sites.

Maybe I will have to wait for tomorrows newspaper ?

[Howie]

Centro appears to have negotiated an extension to the bank's Feb 15 deadline. Also Andrew Scott has retired from his position as CEO ($1.5m golden handshake, and another $1.5m for staying on as a consultant till 31 march 08) and Glenn Rufrano former head of US Centro is now the new CEO effective immediately.



Andrew Scott : "errrr... wonder what went wrong?"