Pumicestone Marketplace, a new neighbourhood centre development will be a welcome addition to the fast-growing Caboolture precinct next year with Supa IGA, medical centre and pharmacy already committing to long term leases in the centre.
The civil works on the site are due to commence next month, with the building works to follow in March next year. Expected construction completion of the 4,500sqm centre is likely to happen in the last quarter of 2018.
The site which is on the corner of the busy Pumicestone Road and Ardrossan Road was purchased by Axis Capital for $3.3 million in June last year. Director at Axis Capital, Robert Bitomsky, said they intend to hold onto the asset once it is developed and leased.
“There were two main factors influential in the purchase decision,” said Mr Bitomsky. “Firstly, Caboolture corridor is forecast to experience rapid growth in the future.
“Secondly, we are already seeing this precinct developing into a strong thriving community hub, with the Pumicestone Primary School opening, Pumicestone/Ardrossan/Cottrill Road upgrade works, new petrol station and the Halcyon Glades retirement living development all underway.
“A retail development was the missing element needed for the area to tie all the pieces together to create a community hub. We also knew from talking to the locals that there was a strong demand for the retail centre which had been anticipated for a long time.”
Axis Capital has secured Supa IGA as their anchor tenant across 3,000sqm on an initial lease term of 15 years.
Garry McDowall, Associate Director of Large Format Retail at Colliers International who is marketing the centre has subsequently negotiated 10+10-year lease with an owner who has committed to two tenancies within the centre, 200sqm to accommodate a pharmacy and another 120sqm for a medical centre.
“We are leasing the remaining tenancies now with sizes ranging in area from 60sqm to 250sqm but can be reconfigured to suit different tenant requirements,” Mr McDowall said.
“The type of operators we are seeking to set up business at Pumicestone Marketplace are from the general retail, service retail, food and medical sectors. The centre will allow for convenience shopping with 213 onsite car parks.”