Retail on the rise

AS the Cardinia corridor continues to experience significant residential growth, with numerous emerging estates, things have never looked better for the retail sector, says Facey Industrial Commercial director Mark Bond.
The Cardinia Shire is expected to attract an average of 11,700 residents per year over the next 20 years.
The area’s growth – particularly in the corridor of Pakenham, Officer and Beaconsfield – has triggered increased retail development, injecting money into this previously stagnant sector.
Mr Bond said Cardinia Shire’s largest industry was retail trade, accounting for 16 per cent of jobs and 340 businesses (in 2014), making it the ideal location to gain employment and do business.
In Pakenham and Officer, major residential estates Heritage Springs and Lakeside have boosted the population significantly, increasing demand for local business and jobs in the area.
A multitude of shopping centres are now dotted along Princes Highway and central Pakenham including Pakenham Place, Pakenham Central Marketplace, Heritage Springs Shopping Village, Arena Shopping Centre and Lakeside Square.
“As retail continues to grow, so too has investor confidence,” Mr Bond said.
Pakenham-based Heritage Springs Shopping Village recently sold for around $24 millio,n with a yield of 6.6 per cent on the net income.
“The sale came as the result of a successful campaign attracting over 110 enquiries nationwide,” Mr Bond said.
“Heritage Springs is a highly desirable investment opportunity, with its prime location in the growing Pakenham area. Both vendor and buyer were pleased with the result.”
“We’re excited to see how the retail sector progresses in the area in the coming years.”