Woolworths, Kmart and 60 speciality and service retailers are set to launch new stores at a newly-developed shopping centre in a burgeoning suburb in Melbourne’s south-east in 2020.
M-City, developed by 50-year old Australian company Schiavello Group and located in the City of Monash, will be a sub-regional shopping centre, also featuring six-screen Village Cinema in an entertainment precinct.
The $750 million plus mixed-use development, built by Multiplex, is one of the largest ever undertaken outside of the Melbourne CBD, and is located on a 35,000sqm parcel of land in the city of Monash.
“M-City is scheduled to become an exemplar of integrated living, health and well-being, entertainment and social connection, convenience shopping, and work in Melbourne,” said Peter Schiavello, managing director of Schiavello.
“A great investment for residents and a new community centre for the people of Monash.”
Forming part of a broader ‘city-on-a-block’ complex, M-City will combine its retail offering with an international hotel, 14,000 square metres of office space and four individual buildings of residential apartments with 664 apartments already 80 per cent sold.
Retail spaces are 85 per cent leased or under offer. The centre’s offer of convenience and service retail, dining and entertainment options, is also complemented by premium office spaces, gym and childcare positioned in an economic hotbed, forecast to grow rapidly.
Woolworths will be the only full-line supermarket offer within the primary trade area, a move which positions the centre well to capture strong market share from its local catchment.
The centre will also feature a curated selection of cafes, casual eateries and restaurant dining establishments plus fresh produce markets and bars within the precinct.
Commenting on the changing tenancy mixes of suburban shopping centres, Sharryn Pottenger, retail leasing manager at M-City, said food, entertainment and service-based convenience retail are noticeable attractions.
“People still enjoy browsing and the physical shopping experience,” said Pottenger.
“They complement each other depending on the desired goods and the shopping mood – some products are clearly better when seen in person, such as shoes and clothes, while services still require a visit, like at the beauty and hair salon.
“When shopping online you only see what you are looking for – there’s nothing to distract or experience.”
The eight-level commercial tower will also connect with the childcare, retail, dining and entertainment precinct, including the six-screen Village Cinema.
Economic hotbed
Meanwhile, M-City sits in an area dubbed Melbourne’s largest suburban employment cluster, with 85,000 jobs and 415 medium and large businesses concentrated in Clayton and surrounding suburbs. The Monash cluster contributes $9.4 billion towards the Victorian economy.
Monash University Clayton Campus is a major visitation driver to the area, with an estimated 53,000 students and workers regularly making their way to Clayton during the academic year.
By 2031 the trade area population is forecast to reach 135,480 residents while in 2021, the first full year of trade, M-City is forecast to have access to an estimated 75,448 workers and students in the Monash employment area.
Although these workers will only be in the area during working hours and students will be in the area during the semester, they have an estimated total retail spend of $181.4 million.
Taking into account those who live beyond the trade area, these non-resident market segments have the potential to add $145.1 million in total retail spending, above and beyond the resident market.
Find out more about the retail opportunities at M-City, or contact Sharryn Pottenger on 0447520022 for more information on retail leasing at M-City.
