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

[ashesh.singh]

"Architecture Australia
Interior Design PR China
Landscape Architecture Hong Kong SAR
Planning Singapore
Urban Design Thailand"


This means Hassell which is an architectural firm has got offices in those countries and are involved in Architecture,Interior design ,Landscape Architecture,Planning and Urban design

[crawf]

The $16 million redevelopment has been approved by the City of Charles Sturt
http://weekly-times-messenger.whereiliv ... een-light/

THE long-awaited upgrade to Arndale Shopping Centre, with 10 new shops and an outdoor plaza, has been given the green light.

Charles Sturt Council’s Development Assessment Panel last week approved an application by Centro Properties Group to spend $16 million upgrading the centre, including two new entrances.

The upgrade will also include new bike rack areas, improved landscaping, new carpark lighting, travelators and lifts.

[Howie]

Just left wondering how Centro will pull this off given there is a good chance that the company will disintegrate before the end of the year.

[pushbutton]

Who says the company will disintegrate?

Anyway 10 new shops eh?
And a massive budget of 16 whole million dollars being spent. Wow, I think?

Well not quite what I was hoping for but I guess it's all about improving the look of the centre then rather than increasing the size. Fair enough because that's what it does need most. It's just a bit unusual to not add a significant number of new shops when a centre is upgraded. I hope it will be enough money for them to replace the prehistoric floor tiles throughout the centre with some nice attractive new ones, and at least give the ceiling a nice fresh paint job, or better still replace it.

I have noticed in the last couple of weeks the centre is already beginning to look a bit better externally because they're painting the exterior walls in nice modern colours. I guess this is the first step in this upgrade and I'll look forward to seeing the rest of it very soon.

[Howie]

Well they're now drowning in debt, the directors were found guilty in court of misrepresenting the true financial position of the company, the new ceo is leaving soon, shareholders have been sent letters asking them to accept a proposal to accept 5c per share as that will be the only way they will be able to salvage anything from their investments in centro. It's going to take some miracle for them to dig themselves out of this.

This chart says it all unfortunately
http://finance.yahoo.com/q/bc?s=CNP.AX& ... z=l&q=l&c=

From $10/share to 0.02c/share.

[pushbutton]

I didn't realise it was still that bad for them. I thought they'd managed to get somewhat back on track. If it is that bad I'm surprised they can even afford to spend $16m

[crawf]

Who says the company will disintegrate?

Anyway 10 new shops eh?
And a massive budget of 16 whole million dollars being spent. Wow, I think?

Well not quite what I was hoping for but I guess it's all about improving the look of the centre then rather than increasing the size. Fair enough because that's what it does need most. It's just a bit unusual to not add a significant number of new shops when a centre is upgraded. I hope it will be enough money for them to replace the prehistoric floor tiles throughout the centre with some nice attractive new ones, and at least give the ceiling a nice fresh paint job, or better still replace it.

I have noticed in the last couple of weeks the centre is already beginning to look a bit better externally because they're painting the exterior walls in nice modern colours. I guess this is the first step in this upgrade and I'll look forward to seeing the rest of it very soon.

That is exactly what Arndale needs. $16 million is pretty small these days, but any upgrade is good news for that place.. or a nuclear bomb.

Shame to hear that Centro is still in so much debt.

[relapse]

It started off at $100 million and now it's down to $16 million. The moment that John Martins closed, Arndale slowly started bleeding customers to West Lakes. It's reaching a point where it either needs a massive makeover or simply needs to be demolished. If Centro go belly up hopefully CFSPM (who own Eliabeth) will pick it up dirt cheap and can gut it and start again like they did at Elizabeth.

[Ben]

In surprising news tenders for this redevelopment are in today's paper.

[eslampar]

Probably not worth it. Needs the original amount invested for it to be effective. Goodluck to whoever the person responsible for this decision is.

[rev]

This smaller upgrade wont prevent them doing bigger things with the place later on.
At least it's something, they cant sit there letting it decay further.

[Howie]

Just FYI, Centro is on a knife edge at the moment. Recently shareholders and stakeholders approved a debt-for-equity swap, to help wipe out a large chunk of Centro's debts... but the ultimate decision will be in the hands of the supreme court. The argument is that money is being improperly transferred to the new centro entity from centro property group. If they lose this court battle, they will surely go into receivership.

Challenge to $7bn Centro scheme

by: Bridget Carter
From: The Australian
November 25, 2011 12:00AM

ACCOUNTING firm PricewaterhouseCoopers says an agreement to merge Centro Properties Group's assets to create a new company with $7 billion of shopping centres suffers from "fundamental problems" that should prevent court approval.

A NSW Supreme Court hearing to approve the creation of the new $4.4bn listed Centro Retail Australia is expected to conclude today. If the judge supports the challenge to the scheme by Centro's former auditor, it could lead to the company being placed in administration.

Centro and its senior lenders have proposed a deal, given shareholder support this week, where senior lenders swap debt for equity in a new merged shopping centre company.

As part of that agreement, senior lenders will set aside $170m. Of that, $100m would be divided among Centro Properties security holders, convertible bondholders and hybrid lenders.

The remaining $70m would be used for the company's wind down and legal and adviser costs.
Free trial

The deal needs court approval to proceed.

In its submission presented to the court yesterday, PwC objects to the schemes, saying they prejudice PwC's interests and those of the class-action claimants, as contingent creditors, by reducing the assets available to satisfy contingent creditors.

PwC says it is not necessarily asking for the scheme to be dismissed outright but adjusted so that it does not compromise the claims of contingent creditors, which would not be met in full under the proposed restructure.

Centro says in its submissions that none of the matters raised by PwC should prevent the court approving the schemes.

"The problem with PwC's complaints is that they fail to recognise the reality of the current position," Centro says.

"Absent to the proposed restructure, PwC has no right to any part of the $100m.

"If the order of priorities on a winding up were observed, PwC would get nothing."

Centro's net equity attributable to ordinary shareholders is negative $1.7bn.

Centro has indicated that without the restructure it will not have sufficient cash to fund interest overheads and other ongoing expenses beyond December 15.

Which ever way it goes, investors in Centro (CNP) are likely to get either nothing or damn near nothing.. feel sorry for the mum and dad investors who put their faith in a crooked management, i can see a class action suit in the not too distant future.

[rev]

Not good news at all. Who else is there to pick up Arndale and redevelop it if Centro go bust?
I doubt Westfield will want it back after investing so much in West Lakes.

Yesterday that block that had the warehouses demolished and was cleared for the original expansion/redevelopment, had some guys on it working with a backhoe. They seemed to have dug some holes and were doing something in/around them.

[pushbutton]

Good to see something is finally about to happen here as this project (or in fact a much bigger version of it) should have been completed at least 10 years ago!

The other obvious potential owners if Centro had to sell Arndale would be Colonial First State, who own Elizabeth shopping Centre and the Myer Centre in SA, and numerous centres interstate. However all their centres are of a much higher standard than arndale so if they did buy it they'd almost certainly do a major redevelopment.

I think a bit more competition is good for the market though so I hope Centro pull through their troubles and continue to operate the centres they have, including Arndale.

[Ben]

Tenders in today's paper for Big W expansion and refurbishment.