This article is from the Australian Property Journal archive
SPECTRUM Retail has been given the go ahead for its $18.5 million convenience retail centre development in Wondonga, VIC.
The retail development and investment group’s centre will be located on a major roundabout at the 6,000sqm 196 Melbourne Road site, around 300km north east of Melbourne and by the border of NSW, where it is exposed to approximately 20,000 vehicles each day.
“We are excited to secure the approvals to progress this development. There is significant community demand for convenience retail in Wodonga, and this project will help drive further investment, jobs, and choice to the local community,” said Youil Adam, development director at Spectrum Retail.
The site, which is currently occupied by the Murray Valley Hotel, will eventually include four individual tenancies to a 7-Eleven servo and three drive-through quick service restaurants including a Carls Jr, Oporto and Fast Lane Coffee.
“Drive-through operations are witnessing unprecedented demand post-COVID, offering fast and convenient service with minimal contact. This development will also address a gap in the market, as the only fuel and food offering arriving at the border town from Melbourne,” added Adam.
The Retail Group-designed development is set bring a boost of employment to the local area, with the project generating more than 300 jobs throughout the construction phase and an additional 200 ongoing jobs upon the centre’s opening to the public.
The development is also set to include an array of both energy and water conservation measures.
Spectrum Retail recently completed two service station in Woy Woy, NSW, with the Memorial Avenue Ampol selling under the hammer late last year for a 4.56% cap rate, as well as managing a development pipeline of more than $300 million.
