By Brendan Rees
Hardware giant Bunnings will build a new store in Clyde North in 2019, after snapping up a 3.77-hectare site within developer MAB Corporation’s $150 million Element Park business and retail park.
The new 16,600-square-metre DIY warehouse will anchor stage one of MAB Corp’s 38-hectare project, paving the way for a proposed retail centre including showrooms, leisure and food and beverage stores.
Bunnings plans to build the new store at the junction of Thompsons and Berwick-Cranbourne roads, Clyde North.
Bunnings is the first to be announced in MAB Corporation’s latest 38-hectare business park, paving the way for a proposed retail centre including showrooms, leisure and food and beverage opportunities.
The Element Park retail and business park is set to bring an additional 700 permanent jobs to the City of Casey, in addition to 150 construction jobs.
Development manager at MAB Corporation Ian Parry said having such a significant retailer join the development was a catalyst for the next phase of the area’s development.
“With Element Park, we’re thrilled to be able to service the growing south-east region with amenities, play an active role in job creation and ultimately contributing to the region’s growth.”
“Furthermore, we are seeing significant interest with Stage one selling out within two weeks from release and record land sales at Element Park in excess of $300 per metre square. We will soon release new retail and industrial precinct opportunities in the new year,” he said.
Director Business Parks at MAB Corporation Michael Martin said Element Park was a prime example of how MAB was working in partnership with local government to deliver long-term results to support local communities, retail and employment opportunities.
“We purchased the land in December 2016, and already we have secured a major anchor in Bunnings. This milestone will serve as the foundation for future complementary retail and business partnerships in the precinct, bringing our vision of delivering diverse employment hubs.”
The Element Park project is part of MAB Corporation’s portfolio of 19 business parks in Victoria, across 660ha valued at $1.8billion, including the master-planned communities University Hill and Merrifield in Melbourne’s north.
Infrastructure works at Element Park are set to commence in early 2018, with completion anticipated for early 2019 prior to the completion of the Bunnings Warehouse.
