This article is from the Australian Property Journal archive
WITH a permit approval now in place, the Ramlegh Springs Village neighbourhood shopping centre has secured key tenants in Woolworths and ALDI.
APD Projects is developing the centre for their 700-lot Ramlegh Springs community in Melbourne’s Clyde North growth area, around 46km south-east of the CBD, between Tuckers Road, Ramlegh Boulevard and New MacDonalds Farm Park.
The i2C Architects-designed Ramlegh Springs Village will comprise 9,050sqm of NLA with the two full-line supermarkets and 23 specialty stores, including cafes, beauty services, medical consulting and a fitness centre.
“There has been overwhelming interest in Ramlegh Springs Village with 94% of the space already pre-committed. Demand for retail spaces within new neighbourhood shopping centres in high-growth areas have continued to increase post-COVID and snapped up years before completion,” Daniel Paul, associate director of retail leasing at Colliers.
“Neighbourhood shopping centres continue to perform strongly, driven by the growth in consumer spending on non-discretionary items such as groceries, liquor and fresh food, which are considered essential spending and remain on a rising trajectory.”
The shopping centre will service a population set to grow by 30% by 2041, according to State Government forecasts, with 12,755 residents currently living in Clyde North.
“We are excited to be delivering a brand-new retail experience to our first master planned community, and with permits now approved for Ramlegh Springs Village shopping centre, we anticipate construction to commence in Q3 2024 and be open for trading early 2026,” said Brad Paddon, director at APD Projects.
Recent activity in the shopping centre market has included JY Group’s $195 million acquisition of a half-stake in Westfield Whitford City from Singaporean sovereign wealth fund GIC, Scentre Group and Barrenjoey confirming their $174.75 million purchase of a half-stake in Adelaide’s Westfield West Lakes on the back of their buy of a 50% interest in Westfield Tea Tree Plaza for $308 million, while Vicinity Centres nabbed a 50% stake in Lakeside Joondalup.
