A $30 million retail centre will open in Millers Road, Altona North, late this year and be anchored by a relocated Bunnings warehouse.
Developer Folkestone said the 21.553-square- metre centre on the old Cabot site would include Officeworks, JB Hi-Fi, Home, Repco, a pet store and vet, and small cafe.
Folkestone will sell 8063 square metres of land to Aldi Stores for a 1600-square- metre supermarket adjoining the stage one development.
Stage two, whose value on completion will be $20-$30 million, is expected to have a mix of employment and business uses.
Stage three, whose dollar worth is yet to be determined, will have a mix of uses.
Folkestone head of real estate Ben Dodwell said the precinct would “break the shackles” of Altona’s petrochemical past. “Traditionally, [Altona] was very much a working-class part of the world,” he said.
“Originally, it was rural property. It became industrial and then was a bit of a hotspot for industrial-type usages.
“While it still has some of those usages, it’s starting to fill up [with residents] because it’s well located in close proximity to the city. It’s got great access from the major arterial roads, there’s good transport access, and it’s starting to become a really relevant place for people, young families and working families to live.
“A natural evolution of that is better quality of shops and things for people to use to create a bit more of a lifestyle. Our view is that the evolution of this site from industrial 2 right through to, now, commercial 2 is a natural progression but also a good endorsement of the way things are heading down there.”
