There is nothing more dismal than a partly built structure abandoned in a busy shopping centre. The good news is that " Ambience " - that forty million dollar shopping/residential complex is Fairy Meadow is up for sale.
" Ambience " was the factor planned to rejuvenate Fairy Meadow. It was contracted to have a Coles supermarket as the key tenant, surrounded by sixteen speciality shops, a floor of office services - and thirty four residential apartments.
The construction is two thirds complete - far too advanced for anything other than completion to be considered.
All the advantages exist for the new buyer. The complex will probably go for a fire sale price, leaving only a modest injection of capital to create a magnificent finished object that will result in a good return.
It's completion will also guarantee that the Fairy Meadow shopping precinct will not be swallowed up by the expansion of Corrimal. Without " Ambience " - a similar fate to what has happened to Woonona shopping centre is on the cards !
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