Wesfarmers-owned Bunnings Warehouse has purchased land in Melbourne’s burgeoning southeast, with plans to build a new store to anchor at Element Park, MAB Corporation’s retail and business park at the junction of Thompsons and Berwick-Cranbourne Roads, Clyde North.
The recently approved 16,600sqm Bunnings Warehouse is the first to be announced in MAB Corporation’s latest 38-hectare business park, paving the way for a proposed retail centre including showrooms, leisure and food and beverage opportunities.
Clyde North is located in Australia’s 12th fastest growing city, with a projected population increase of almost 200,000 (65 per cent) by 2041.
Ian Parry, development manager at MAB Corporation, said having the retailer join the development was a catalyst for the next phase of the area’s development.
“With Element Park, we’re thrilled to be able to service the growing south-east region with amenities, play an active role in job creation and ultimately contributing to the region’s growth,” he said.
“Furthermore, we are seeing significant interest with stage one selling out within two weeks from release and record land sales at Element Park in excess of $300 per square metre. We will soon release new retail and industrial precinct opportunities in the new year.”
The $150 million Element Park project is part of MAB Corporation’s portfolio of 19 business parks in Victoria, across 660ha valued at $1.8billion, including the master-planned communities University Hill and Merrifield in Melbourne’s north.
“We purchased the land in December 2016 and already we have secured a major anchor in Bunnings,” said Michael Martin, director business parks at MAB Corporation.
“This milestone will serve as the foundation for future complementary retail and business partnerships in the precinct, bringing our vision of delivering diverse employment hubs.”
Infrastructure works at Element Park are set to commence in early 2018 with completion anticipated for early 2019 prior to the completion of the Bunnings Warehouse.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.