A new retail leasing campaign is set to commence in February 2016 for the new Delacombe Town Centre, a sub-regional shopping centre in Ballarat.
Mike Crittenden and Bernie Canning, of Colliers International’s Victorian Retail Project Leasing team, have been appointed to conduct a leasing campaign for the 20,000sqm (approx.) town centre on behalf of H Troon Pty Ltd, who recently purchased the site from Lascorp.
Pre-commitments have already been secured for a full line Woolworths supermarket, along with a Kmart, DDS, pharmacy and medical centre.
“Delacombe Town Centre will contain approximately 37 speciality retailers, mini majors, kiosks and various pad sites,” Mr Crittenden said. “It will be a state-of-the-art sub regional shopping centre, set to dominate the fast growing western corridor of Ballarat.
“The 65,570sqm site is prominently positioned on the corner of Cherry Flat Road and Glenelg Highway with more than 835m of frontage to these two major thoroughfares. There will also be at grade car parking for 825 vehicles."
Located around 120km west of the Melbourne CBD, Ballarat is the third largest regional city in Victoria.
“Delacombe forms a large part of the Ballarat West Growth Area, where suburban development is encouraged by the City of Ballarat and State Government of Victoria,” Mr Canning said. “Much of the city’s planned subdivision for new housing estates is happening on greenfield land in and around the suburb and it is predicted to be home to over 12,000 residents in 2030.
The high profile Delacombe Town Centre site is strategically positioned in the centre of future developments in the precinct, with the immediate surroundings to be occupied by mixed use, bulky goods, primary school and sports ovals.
“Outer areas are to be developed into residential dwellings, to accommodate the future population growth in the region,” Mr Canning said.
Mr Crittenden said the primary trade area population of Ballarat was projected to increase from the current 55,520 people at an average rate of 2.2% per annum to reach around 70,370 by 2026.
“There is estimated retail expenditure within the main trade area of $833.1million by 2018,” he said.
Delacombe Town Centre is scheduled to open in late 2017.