PLANS for a $5 million retail development on the Midland Highway at Epsom have been submitted with the City of Greater Bendigo as two local property owners seek to cash-in on the city’s growing northern fringe.
The development – on a 1.3 hectare block of land opposite Bunnings – will house “national” retail chains including a drive-through fast food restaurant attached to a twin-canopy service station.
A home-style bulky goods retailer and a trade supplies store will also be based at the site, which will have a direct entrance from the Midland Highway and the small adjoining Waverley Road.
Developers could not confirm the businesses which have agreed to move in to the precinct as discussions are ongoing.
The site will have 90 parking spaces and could create up to 80 jobs. It will have 13,000-square metres of retail space.
A further two retail spaces are yet to be filled, but development manager James Hunt said they were in talks with a national stationary business interested in the proposal.
The two property owners, from central Victoria, bought the land five years ago to house the Good Earth Landscape Supplies store, but the rapid increase in value of the land presented further options for development.
They estimate the property could have an end value of $10 million once construction is complete.
Mr Hunt said it was a reflection on the growth of Bendigo’s northern fringe.
“They want to link in with other retail development that is happening in Epsom, such as the Woolworths and Aldi developments nearby,” he said.
“They really saw the potential for growth near the Bunnings store and other businesses that have moved to the area recently like PETStock and others.
“The council has indicated that Epsom and the surrounding area has the most new home approvals in the whole of Bendigo, so there is real potential for retail growth such as this.”
The application was lodged with the City of Greater Bendigo last month and has been referred to the council’s planning department for consideration.
If approved, Mr Hunt predicts construction could be complete within 12 months.
The application includes native vegetation removal but the land does not need to be rezoned.
The site has previously housed car sales and machinery hire businesses.
Early last year, the Chemist Warehouse group financed a $10.5 million expansion of the Village Epsom Shopping Centre.
The plans include a number of retail spaces, a car wash, gym, cafe and laundromat, extending the floor space of the shopping centre by 2000-square metres.
From 2006 to 2016, the number of private dwellings in Epsom-Huntly increased from 1039 to 2514, and the population increased by 3900.