Construction ramped up on Mernda master-planned suburb
Construction has been ramped up on stage one of the shopping centre precinct within the Mernda Town Centre project that spans 27 hectares in Melbourne's northern fringe.
The entire project will include retail, commercial, entertainment and residential offerings, delivered in multiple stages over the next five years.
The directors of investment manager Occasio Projects announced their acquisition of the $500m mixed-use Mernda development from Woolworths, which will remain as the key anchor tenant along with 35 speciality retail shops.
The site approval from Whittlesea Council came in 2019.
The broader Mernda Town Centre project spans 27 hectares and will include retail, commercial, entertainment and residential offerings. It will be delivered in multiple stages over the next five years and provide more than 1,000 ongoing employment opportunities.
Whittlesea Council is a foundation stakeholder in the Mernda Town Centre, with future plans for a learning and well-being offering in addition to restoring the historic Mayfield Farm.
Mayfield Farm had been set to be bulldozed, like the nearby neglected Black Braes Farm, but was saved after a campaign by locals. The neighbouring Carome Homestead, owned by Parks Victoria and managed by Working Heritage, is a popular destination for tourists.
The development precinct has a long history, so Occasio Projects are intend on fast-tracking its delivery with the currently partially complete store due to open mid-next year.
The project now has strong financial backing from the three shareholders of Occasio Projects being Ray Zelouf, the founder of Occasio Projects; Dorman Capital, the family office of the co-founder of Regis Healthcare along with Jensz Investment Company, owned by Craig Jensz, the founder of Lion Advisory.
It was 2013 when Woolworths bought the site from Becton for about $31 million.
The Mernda Town Centre site was originally proposed by the failed Fincorp property group.
The Whittlesea urban area includes Mill Park, South Morang and its rural north includes Beveridge; Donnybrook; Eden Park, Woodstock and Wollert where Cedar Woods has its Mason Quarter project.
Wollert has three train stations within 20 minutes.