The centre, a longstanding meeting place for locals, is in a prime location, situated directly opposite King David School and overlooking the Huddle Park golf course. Currently the centre is 1 200 sqm2, but when construction is completed, it will boast 3 100sqm2 of gross lettable retail space, and one level of underground parking.
Griffin Developments has also secured an excellent tenant mix and has negotiated a 10-year corporate lease with Woolworths, for a 476 sqm2 food store.
According to Griffin Developments director, Max Kretzmer, having Woolworths as the anchor tenant is a major draw card and will strengthen the turnover of other tenants in the centre. He adds that in addition to this, 80% of the retail space has already been let, this before ground has even been broken.
"The tenant mix has been carefully considered and will comprise a good balance of restaurants and convenience stores. There will be a travel agent, dry cleaner, optometrist and a bank branch, to list but a few of the tenants already on board," says Kretzmer.
The appointed architect is LPA and a construction company will be appointed through a tender process. Commercial, retail and industrial letting brokerage, Pace, has been appointed to let and manage the centre. It is expected that the center will be complete by July 2005.
"Although to date Griffin Developments has been operating and more active in upper-end residential market developments, we are starting to diversify and increasingly taking on more retail and industrial sector projects. This strategy is in line with the shift in sector market growth, which we anticipate occurring in the next 12 - 18 months," concludes Kretzmer.
