Marret Property Group has commenced construction on the Geraldton Central Shopping Centre, to be anchored by Geraldton’s only Kmart Discount Department Store and feature over 12 specialty stores. Due for completion in April 2009, the centre will be situated in the heart of Geraldton’s main retailing precinct.
Geraldton is located approximately 400km north of Perth, has one of Australia’s busiest regional ports and is the gateway to Western Australia’s resource rich mid west. The development of the centre has been driven largely by the region’s strong economy and solid population growth. Geraldton is benefiting from the many iron ore projects planned for the region with five currently underway and another nine about to commence. In addition, the recent deepening of the city’s harbour now allows larger ships to enter the port resulting in significantly increased iron ore production.
Lease Equity has been appointed exclusive leasing and managing agents to undertake the project leasing of the centre. Lease Equity Associate Director Adam Musbah said “The centre is being anchored by Geraldton’s only Kmart, and with their biggest competitor, Big W, not having a store in the region, we are extremely confident that the leasing campaign will be well received. Retailers are keen to be situated on the door step of the region’s only major Discount Department Store.”
Kmart’s huge drawing power will also cater for a larger catchment of shoppers than just Geraldton, pulling customers from nearby towns within the mid west region, some of which include Jurien, Dongara, Three Springs and Northampton.
“We have planned a tenancy mix for the centre which consists mainly of national retailers who do not have a presence in Geraldton, together with a number of local independent retailers which are vital in regional locations.” Mr Musbah said.
The centre is also planned to incorporate 2,100sqm of office space. “There are a number of resource related businesses establishing offices in Geraldton and businesses expanding in response to the $3.5 billion regional economy. With the location of the development in the centre of town, the office space will be in high demand.” Mr. Musbah said. “The office development adds another customer base for what is expected to be a very well patronised centre.”