Kmart anchors new Melbourne shopping centre
EXCLUSIVE
Kmart will anchor a shopping centre within Gill Family Corp’s 171 hectare St Germain, in Melbourne.
The store is set to span 6,460 square metres with 590 metres of frontage to Thompsons Road, in Clyde North.
The complex – to be known as St Germain Hub – extends a further c235m to Bells Rd. It is also exposed to Pound.
Kmart will join McDonald’s and KFC, which committed late last year.
The Gill family has owned the land earmarked for St Germain since 1980. Then known as part of Berwick, it operated as a cattle farm for three decades.
“From the outset, our vision for St Germain has been to deliver a vibrant, connected precinct where families can live, shop and thrive,” Gill Family Corp chief executive David Blumenthal said.
“The commitment from one of Australia’s most recognised retailers endorses that strategy,” he said. “We look forward to welcoming Kmart as St Germain enters its next phase in Clyde North.”
Kmart commits to St Germain
St Germain is master-planned for about 1,500 dwellings.
Some 18,000 sqm of commercial space is also planned, including retail, offices and essential services.
“St Germain Hub is designed to meet the evolving needs of a high growth corridor,” Colliers’ Jake Beckwith, who is representing Gill with Nathan Brown, said (continues below).
“Its proximity to major infrastructure including the Bells Rd extension connecting to the Monash Freeway positions it as a key retail and lifestyle destination for Melbourne’s south east, which was attractive to Kmart,” he added.
Another retail lease deal
St Germain Hub will sit within the estate’s town centre, opposite a Coles and Liquorland and a soon-to-be-built complex to include an Aldi, 19 specialty stores and a childcare centre.
More than 3,000 sqm of medical and wellness space is planned.
“Retail expenditure in the primary catchment is forecast to grow 916 per cent by 2031, underscoring the precinct’s long-term commercial potential,” Mr Brown said.
“Kmart was quick to identify the opportunity to establish a presence in one of Melbourne’s most dynamic growth areas,” he said.
Clyde North is about 48 kilometres south east of the CBD.
Last week we reported footballer turned developer Fraser Brown sold two new retail investments in the suburb – a Dan Murphy’s and a Nido childcare centre.
That deal was worth just over $18m – a 5.5pc yield.
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