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Work on residential sections in the Ravenswood development is about to get underway, with the start of construction of 93 new residential sections (Stage 1a) in the next few weeks.
General Manager of Ravenswood Developments, Paul Croft, said “We had targeted October as our start date and although we are running a few weeks behind schedule we are now on track for construction to start later this month or early November at the latest”.
Ravenswood has sold over 100 residential section sales in Stages 1a and expect titles to be available on the first 93 sections in July 2018.
Construction of the commercial centre is already well underway. Estimated opening dates for BP, McDonald’s and New World are mid 2018 for BP, November 2018 for McDonald’s, and the last quarter of 2019 for New World.
Other retail opportunities are also now available, from 50m² upwards. The space offers ample car parking, easy access, and excellent exposure to passing traffic on State Highway 1. Croft says that they have had a number of potential tenants register their interest.
“Our goal is to develop an attractive, functional retail precinct that provides flexibility for tenants and showcases services on offer to the community. We are focused on achieving the optimum tenant mix as this is a key factor to ensure the viability and future growth prospects of businesses establishing at Ravenswood’ says Croft.
According to Croft there are a number of factors that underpin a buoyant outlook for retailers at Ravenswood. These include excellent exposure to Stage Highway 1 which has some 18,000 vehicle movements daily along with a primary catchment area of 10,200 residents that is growing at at 400 per annum (4%).
“There is limited commercial land in this locality, and ...the New World supermarket, BP fuel station and McDonald’s restaurant at Ravenswood will become major draw cards for local residents along with passing traffic on State Highway 1. Complementary businesses that establish a presence in the adjoining retail area at Ravenswood will benefit from this captive market and future growth. The Ravenswood primary catchment area can at present support in excess of 15,000m² of retail space and this is projected to increase to 26,000m² by 2028” says Croft.