SPURRED on by widespread residential development, retailers are flocking to the Perth southern suburb of Canning Vale to set up shop.
SPURRED on by widespread residential development, retailers are flocking to the Perth southern suburb of Canning Vale to set up shop.
Property developer Luke Saraceni is developing two 3,000 square metre supermarkets in Canning Vale, one for national grocery chain Woolworths and the other for its independent competitor, Action.
Together the developments are worth more than $25 million. The Woolworths supermarket will be located at the corner of Warton and Amherst roads, while Action will occupy the corner of Ranford and Campbell roads.
Mr Saraceni said the new supermarkets would service the growing number of residents in Canning Vale.
He said construction on both projects would begin in the latter half of 2004.
The nearby Woolworths-owned shopping centre, Livingston Marketplace Shopping Centre, on the corner of Nicholson and Ranford roads, is also undergoing a massive redevelopment.
When completed, the centre’s retail area will be doubled and will become home to a new Big W Discount Department Store and other speciality stores. The expansion will be completed in September 2004, when the Insurance Commission of WA will buy it for more than $30 million.
Elderslie Finance Corporation and Clough Property, a subsidiary of listed engineering contractor Clough Limited, are drawing up plans to develop a $25 million shopping centre in the area after they recently bought a 4.1-hectare development site for $6 million.
The joint venture partners are planning to develop a 15,950sq m shopping centre on the Ranford Road site, with construction expected to commence in mid-2004.
City of Gosnells chief executive officer Stuart Jardine said a 2003 Commonwealth Bank survey had listed Canning Vale as the second fastest growing suburb in the State and the seventh fastest in Australia.
Mr Jardine said that, between the past two census, Canning Vale’s population had increased by 15,000, equating to 73 new dwellings a month.
“Last year land prices increased by 25 per cent,” he said.
Mr Jardine said the rapid residential growth was driving the development of services in the suburb. However, while there remained significant development potential in Canning Vale, Mr Jardine told WA Business News the development focus was shifting to adjoining suburbs.
“The development front is moving onto Southern River,” he said.
Elderslie Property Limited director Robert Cribb said that, as the company’s first foray in WA, the Canning Vale development was a strategic investment.
Mr Cribb said the supermarket development would also include bulky goods retail.
“New residential developments currently under construction around Canning Vale site are experiencing strong off-the-plan sales, providing significant opportunities for this style of retailing,” he said.
“Last year land prices increased by 25 per cent.”
- Stuart Jardine
