Sub-regional retail centre Pakenham Place is set for a complete transformation following Leaf Corporation and Banco Group’s mid-COVID purchase from QIC. Key retailer Aldi to adjoin Coles in a deal brokered by Teska Carson Director Steven Fein.

The JV partners have also snared key retailer Aldi to adjoin Coles in a deal brokered by Teska Carson Director, Steve Fein, as part of its plans to both reposition the centre and aid in the rejuvenation of Pakenham’s major retailing precinct.

The centre’s new layout will open up to create connectivity between Aldi and Coles with mini majors and specialities in between to turn it into a traditional non-discretionary spend centre and food & beverage precinct.

The 15,849sqm NLA centre also includes Liquorland, Toyworld, a medical centre, around 30 specialty stores, and several mini majors and pad sites including a Woolworths petrol station and a Priceline Pharmacy.  The 60,000sqm site includes on-grade parking for more than 700 vehicles.

According to Mr Fein the repositioning is a substantial undertaking carried out by a very experienced development team aimed at rejuvenating the whole precinct.

While marketing has only recently commenced, it is understood that there has been very strong enquiry with one of the mini major spaces having already been leased to a major retailer.

Mr Fein said the JV partners had adopted a highly selective tenancy mix policy to ensure Pakenham Place’s longevity and positioning as a non-discretionary retail centre with quality tenants. He said economic studies had indicated customer transactions in the range of two million at the centre based on the repositioning strategy.

The centre’s rejuvenation will happily coincide with the removal of the severely disruptive Main Street, (and McGregor and Racecourse roads) level crossing which the State Government has fast-tracked with preliminary works now underway.

The current boom gates can be down for up to 30 per cent of the morning peak with as many as 23 trains running through the crossings providing a constant time consuming and inconvenient shopping experience for consumers, retailers, and other businesses. The south-eastern location will also benefit from an increasing number of trains and new stations at Pakenham and Pakenham East, to cater to the booming population.

The centre is situated in one of the fastest growing catchment areas in Australia with local municipality - Cardinia Shire – having grown rapidly to a now estimated residential population of 112,159 (ABS, 2019), while Pakenham - reported as number two in the 10 best Melbourne suburbs to invest in - has a current estimated population of nearly 55,000 with further growth of more than 25% to 69,316 expected by 2030, according to the Shire.

The centre is being marketed by Teska Carson Director Steven Fien. 

18dd2e35-3bcf-4e5b-b7e3-311fcd68ff4e.jpeg