While the long-awaited expansion of the Wanneroo Central Shopping Centre takes shape, a new retail strip is under construction across the road, which is almost fully leased.
Work has started on a new 8,000 square metre retail strip at the front of the Wanneroo Primary School, which, when complete later this year, is expected to house several fast-food outlets and other commercial premises.
The site is located directly opposite the shopping centre, which is currently being expanded from 8,000sq m to 23,000sq m to make room for 60 specialty stores, a relocated Coles supermarket and potentially a Woolworths by 2011.
The new retail strip was a stroke of good luck for local developer Keith Gilbride, who was approached by the government to swap its primary school frontage on Wanneroo Road with Mr Gilbride’s rear commercial lot.
RE/MAX Realmark Commercial director Conray Passaris said the situation was a great outcome for both sites with the school in a safer, more accessible zone and the commercial development to the front able to attract more business.
Mr Passaris said the new strip was already 90 per cent leased, with just a 300sq m unit left for either a liquor outlet, office tenant or retail showroom.
“The new location of the commercial site is prime for businesses and lots on the site are being snapped up quickly,” he said.
“The expansion of the shopping centre has been a major drawcard for new retailers and we’re signing up tenants on an average of $350/sq m, which is good result for this area.”
Mr Passaris revealed Mr Gilbride also owned the Shell service station site on the corner of Dundebar and Wanneroo roads, where he was planning to locate a new fast-food outlet.
The redevelopment of the shopping centre has provided a lifeline to Wanneroo’s retail sector, which is understood to have performed only moderately in recent years, despite an increase in the population from new residential subdivisions.
The revived retailing hub is expected to provide a lot more competition for the nearby Kingsway City Shopping Centre at Madeley, which is set to undergo its own expansion from 23,932sq m of retail space to about 32,000sq m this year.
