Changing demographics and the spending power of households in the Hills district in north-west Sydney is driving intense interest from businesses wanting to be part of the redeveloped Kellyville Village owned by ISPT and Coles Group Property.
Rook Salinger, the exclusive leasing agent and retail mix advisor for Kellyville Village, has been “overwhelmed” with interest from local businesses, businesses from across Sydney and national operators in food, retail and services wanting to be part of the “bigger and bolder” Kellyville Village.
“The Hills is an affluent region,” Rook Salinger Managing Director Adam Sheumack said. “Average household income is $119,000 per year and retailers want to connect with this growing community.”
When complete, the redevelopment will transform Kellyville Village from its current 5,706sqm into a substantial 12,853sqm shopping, dining and services precinct. The adjoining Woolworths and ALDI makes the centre an even bigger regional commercial drawcard.
Stage one of the Kellyville Redevelopment opened on July 22 with 19 new retailers expected to open in the expanded centre, including The Reject Shop. The redevelopment has attracted new retailers, food vendors and national chains to Kellyville Village. Lease terms range from five to 10 years. All tenancies have now been leased.
This staged development is due for final completion in February 2016 with the opening of First Choice Liquor.
“The strong interest in Kellyville Village tenancies is indicative of the increasing retail capital held by fast-growing residential areas that were previously overlooked by large national or CBD food retailers,” Mr Sheumack said.
Upon completion, this centre will consist of 35 specialty shops, four kiosks, two mini majors and an expanded Coles of 5,233sqm and First Choice Liquor.