QIC Global Real Estate has started construction on the $150 million expansion of Woodgrove shopping centre in Melbourne's outer western suburbs of Melton.
The development will more than double the size of the centre to 48,000 sqm and will introduce Big W, Woolworths and approximately 80 new specialty retailers to Woodgrove, as well as a new 550-seat food court and entertainment precinct.
QIC GRE’s managing director Steven Leigh said the expansion is the next logical step and is in keeping with the growth of this key region.
He added that Woodgrove is located in the heart of one of the fastest growing regions in Australia and this is driving demand for more services, including retail and leisure. Average annual population growth in the main trade area is 5%, compared to Melbourne’s average annual growth of 1.5%1. Two new suburbs, Toolern and Eynesbury, are also planned for the region.
“Woodgrove’s trade area is one of the fastest growing communities in Australia, with the population forecast to increase by 53% by 20213.
“In September 2012, the Moving Annual Turnover (MAT) per sqm at Woodgrove achieved growth of 8.5%. The retail spending market is growing annually by 6% and is forecast to exceed $1.5 billion by 2021,” he said.
QIC GRE acquired Woodgrove in 1997 as a convenience-based centre anchored by a Coles supermarket. Since then, it has been progressively expanded, and currently comprises a gross lettable area of 21,820 sqm.
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