This article is from the Australian Property Journal archive
OCCASIO Projects have taken the $500 million mixed-use Mernda Town Centre development off Woolworths hands.
The town centre, located on the corner of Plenty and Bridge Inn Roads, will cover 27-hectares and be comprised of retail, commercial, entertainment and residential spaces, to be delivered over multiple stages.
Woolworths first acquired the site back in 2010 from Becton Property Group for $31 million and will now remain the anchor tenant of the Mernda Shopping Centre, with a full-line supermarket, in addition to the centre’s 35 planned specialty retail shops.
“We’re confident the Mernda Town Centre development will deliver local residents a truly integrated, thriving and convenient community and shopping destination. We look forward to welcoming customers into our store in 2022,” said Don Foulds, state development manager of Woolworths.
The shopping centre is set to cost $110 million to complete and will create around 300 new construction jobs.
While the overall town centre project is scheduled to be delivered over the next five years and will create more than 1,000 ongoing jobs.
Beyond the three shareholders in Occasio Projects, Ray Zelouf, Dorman Capital and Jensz Investment Company, initially acquired the site via Mernda Retail Developments Pty Ltd and are providing financial backing, the Whittlesea Council is also a foundation stakeholder.
The council has future plans for a learning and well-being offering within the centre, as well as restoring the area’s historic Mayfield Farm.
“The commencement of construction of the Mernda Town Centre is a major milestone and demonstrates our confidence in the future of the Whittlesea region. We look forward to making a long-term contribution to the terrific lifestyle opportunities that will be offered to the broader Mernda community,” said Nick Dorman, CEO of Dorman Capital.
The project will be the latest in Occasio’s portfolio where the group is not only a capital provider but a development partner, a strategy designed to provide its investors with greater returns over the term of the investment.
“Occasio provides both debt and equity solutions across its portfolio and we are progressively playing a more active role as development partner across a growing number of these investments,” said Ray Zelouf, managing director of Occasio Projects.
“Occasio investors will have the opportunity to participate in a high-quality asset in Melbourne’s northern growth corridor, which will benefit from sustained population growth and rapid development,” added Zelouf.
With construction currently underway on stage one of the development, the shopping centre is set to open mid-2022.
