Amstel Development - Cranbourne

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At PE Capital we have completed the first stage of a development in Cranbourne. The development is part of the old Amstel golf course. This development includes a 7-Eleven fuel station and convenience store along with a drive through tenancy next door which has Oporto as its covenant. These two tenancies have long 15-year leases with annual increases and options for further periods. There is one stand-alone tenancy which is attracting interest from several potential businesses including an American style smokehouse, kebabs, an Indian restaurant and a café. To complement this development, we have sold a portion of our land to McDonalds who are currently building their new restaurant. Alongside the new McDonalds store we are commencing building a childcare centre within the next two months.

 

This combined service centre is located on the busy Cranbourne-Frankston Road and has direct exposure to approximately 30,000 vehicles per day. Cranbourne is part of the City of Casey which is currently the fastest growing municipality in Australia.

 

We have invested in this location for its exposure, growth and acceptance by tenants and investors alike, for the opportunity which this site has afforded us. It is the gateway development to the ‘Canopy’ housing development currently being built by the Brown property group which will consist of over 600 homes.

 

The first stage of this development was completed in June 2018 and the childcare and McDonalds are expected to be open by early 2019.

 

For further details you can contact Rowan Walters, Senior Development Manager, at PE Capital on 0433 103 102 or email rw@pecapital.com.au

 

We have approximately 10 projects currently under construction or in the development stage and these include another 7-Eleven outlet in Truganina as part of a larger development. We also have developments in other outer Melbourne locations that provide value and opportunity.

These include Wollert, Cranbourne North, Mount Duneed, Armstrong Creek and Springvale. We are also looking at several opportunities in the Brisbane- Gold Coast area as this has been identified as offering real value, demand and opportunity for all our stakeholders.

 
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Rowan Walters

rw@pecapital.com.au

0433 103 102