Construction work has commenced on the $40 million Port Stephens Homemakers Centre featuring a flagship 5,050sqm Harvey Norman store at Taylors Beach.
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The 10.22-hectare site located adjacent to the Shearwater Estate at 60 Port Stephens Drive also comprises leading retail stores Spotlight, Autobarn, Petstock and Sydney Tools, with the remainder under offer by national retailers.
Provisions have been made at the front of the site for uses such as fast food, service stations, medical or childcare.
The centre, which is being hailed as a major boost for the Port Stephens economy culminating in hundreds of local jobs, is expected to be open for business in the third quarter of 2022.
Colliers representative John Karlovasitis said at the official sod turning ceremony on Wednesday that the site would include both a large format retail and homemaker centre and an industrial subdivision at the rear.
"With approximately 6,475sqm of gross leasable area on offer, the retail team has successfully pre-leased 80 per cent of the development prior to construction," Mr Karlovasitis said
"There are currently only a 600sqm and 645sqm suite still available for lease. Despite the challenges of lockdowns in NSW, the combination of the Colliers offices collaborative approach and strong retailer networks has led to the successful result.
"Large format retail premises account for 9.5 per cent of retail industry revenue, with a spike in house sales and building approvals leading to consumer demand for household items. Major large format retailers have announced plans to grow and improve their store networks."
Colliers associate director Mark Yazbeck, who was responsible for the initial sale of the Taylors Beach site to Harvey Norman in February 2020, is currently selling the adjoining industrial land subdivision in conjunction with Alex Haxton of PRD Port Stephens.
"Overall, there are 19 lots up for sale, with sizes ranging from approximately 1,501sqm through to 2,828sqm. We have received more than 120 inquiries on the 19 lots to date, with the number of enquiries being shortlisted. A request for second round of final and best offers will be requested very soon," Mr Yazbeck said.
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