Ranfurlie Asset Management, the Dennis family’s retail and commercial division, has pre-committed Bunnings to a 16,500 square metre outlet at its proposed Tarneit Park Hub.
With that lease, stage one of marketing for the 46,000 sqm project is complete.
The hardware store (artist’s impression, top) is due for completion at the end of the year and should be open for trade in the first quarter of 2021.
The newly announced Tarneit Park Hub is earmarked to become a “key retail and lifestyle asset for the region” according to Ranfurlie Asset Management chief executive officer, Mark Wilson.
The landlord in 2017 completed construction of the 20,500 sqm Tarneit Central shopping centre, across the road.
That complex, Mr Wilson said, already sees more than 70,000 weekly visits.
Tarneit is located within the City of Wyndham, the country’s third fastest growing municipality.
Tom Perkins of Leedwell Property said that Bunnings is a great anchor for Tarneit Park Hub.
“The ability to generate foot-fall seven days a week and its brand recognition in a community is unparalleled,” the executive added.
“We have recently completed leasing on a number of new developments anchored by a Bunnings and they have proven to attract quality, national retailers around them.”
Mr Perkins is representing Ranfurlie Asset Management with colleague Chris Parry.
In Melbourne’s middle western suburbs, the hardware store has outlets at Hoppers Crossing and Werribee.