LAS Group and capital partner Qualitas have officially opened Summerhill Shopping Centre in Reservoir.
The first and only sub-regional centre in Victoria to be privately developed post-GFC, Summerhill Shopping Centre is anchored by a 24-hour Kmart, Coles and Aldi.
Other retailers include Australia Post, The Groove Train, Bank of Melbourne, Jetts Fitness, Pharmacy 4 Less and adjoining medical centre, Brumby’s, Donut King and a 1,000sqm fresh fruit and vegetable operator.
Colliers International Manager of Retail Leasing Mike Crittenden said Summerhill Shopping Centre would provide Melbourne’s northern suburbs with a new and improved retail destination.
“The new Summerhill Shopping Centre will be a further catalyst for the regeneration of the surrounding area and the continuing increase in residential property values that the area has been experiencing over the last few years,” he said.
“A new sub-regional centre in an existing residential precinct within 12kms of the Melbourne CBD is unique and will benefit retailers and residents alike.
“Several major retailers recognised this opportunity and pursued it vigorously, resulting in the strong mix of anchor tenants we have secured, which assisted in achieving 92% of the centre to be leased, with the last remaining tenancies close to being finalised.”
Mr Crittenden said a strategic decision had been made to pursue a convenience-based retail mix at Summerhill, as opposed to creating a more traditional fashion-based centre.
“As a convenience-based shopping centre, Summerhill will complement rather than compete with other retail offerings in the surrounding area, including Northland Shopping Centre, by offering a point of difference,” he said.