Aldi is set to replace Target at Pakenham Place as part of a new redevelopment plan.
The sub-regional retail centre will be completely transformation following Leaf Corporation and Banco Group’s mid-Covid purchase from QIC.
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 and beverage precinct.
Carson director Steve Fein said the plan would reposition the centre and aid in the rejuvenation of Pakenham’s major retailing precinct.
The 15,849sqm NLA centre also includes Liquorland, Toyworld, a medical centre, around 30 speciality 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.
The centre’s rejuvenation will 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.
