Maryland Shopping Centre leased off-market to Woolworths
Major commercial property site Maryland Shopping Centre has been leased off-market to the supermarket chain Woolworths. Purchased in 2017, the site was recently negotiated for lease by Commercial Collective to the Woolworths Group, completing the planning phase to revitalise the neighbourhood centre.
Commercial Collective Partner, Matt Kearney, has expressed why this new addition to the centre is a great win for not only the Maryland community but the occupying retail tenants in the centre.
“As Newcastle’s western corridor continues to experience substantial growth, Woolworths will provide a much-needed every day needs service to the community as well as support the long-standing mix of existing tenants through an uplift of traffic to the shopping precinct.”
Owned by a Newcastle-based investment group, the centre was originally purchased with a complete redevelopment in mind. A spokesperson for the owners, Gavan Reynolds highlights how the new tenant is the key to reviving the retail centre.
“Woolworths’ committing to the centre is further testament to the faith we have had in the centre and the community it serves. The area was under serviced for everyday retail and to be able to create the environment we will for the locals and the retailers once the centre is complete is very exciting. We look forward to investing in the redevelopment of this centre and providing the western Newcastle communities with an up-to-date centre and a full line store from one of Australia’s leading supermarket brands,” Mr Reynolds said.
The owners worked patiently with Newcastle City Council, who were proactive in creating a plan which received no objections from the community, further highlighting the new store is highly welcomed by the greater western Newcastle community.
The centre will be redeveloped to incorporate the existing tenancies and provide Woolworths with the 4,000+ sqm they require for their latest store design. Additional car parking totalling 220 spaces will be created, and a new entry to Boundary Road will be constructed to provide additional convenience to customers.
The new Maryland Woolworths is expected to open in the first half of 2023.
*Above image is an artist's impression of the redeveloped Maryland Shopping Centre.