- Development approval received for Spectrum Retail's proposed Wodonga convenience centre
- 6,000 sqm site to house 7-Eleven, Carls Jr, Oporto and Fast Lane Coffee
- Development to meet rising demand for quick service retail and generate hundreds of local jobs, says Youli Adam
Retail development group Spectrum Retail has received development approval for a $18.5 million convenience retail centre based in Wodonga, Victoria.
Located at 196 Melbourne Road and currently occupied by the Murray Valley Hotel, the site be divided into four tenancies to house 7-Eleven, Carls Jr, Oporto and Fast Lane Coffee.
The site spans 6,000 sqm of land and borders a major roundabout which is currently trafficked by approximately 20,000 vehicles a day.
Pandemic driving demand for convenience stores
The Wodonga retail development will mark a significant step up in the market for many of the soon-to-be tenants of the site.
American-born fast-food chain, Carls Jr, currently operates just 35 restaurants Australia-wide and is seeking to expand the company’s presence with the uptake of new locations.
The Wodonga retail centre will also signify Portugese-themed restaurant Oporto’s first store between Canberra and Melbourne, and convenience retailer 7-Eleven’s third location in the region.
Development Director of Spectrum Retail, Youli Adam, said the retail development and investment group are excited to have received approval for the project.
Mr Adam said that drive-through operations are in higher demand than ever post-pandemic, as these setups allow for convenient service with minimal contact.
“There is significant community demand for convenience retail in Wodonga, and this project will help drive further investment, jobs, and choice to the local community.”
Youli Adam, Spectrum Retail Development Director
Spectrum Retail projects the development will generate more than 300 construction jobs throughout the building process, and will sustain a further 200 ongoing jobs once the retail centre is in operation.
“This development will also address a gap in the market, as the only fuel and food
offering arriving at the border town from Melbourne,” Mr Adam concluded.
Project joins $300M portfolio
The Wodonga convenience centre will join Spectrum’s expanding retail portfolio, which includes more than $300 million worth of developments across Australia’s eastern states.
The group were responsible for the development of several quick service retail (QSR) projects across New South Wales, reinforcing significant partnerships with Guzman Y Gomez and Oporto.
More recently, Spectrum completed the development of two service stations in the New South Wales suburb of Woy Woy. In November of 2021, the group then sold the Memorial Avenue Ampol at a 4.56% cap rate.
Spectrum also developed and manage a $17 million high-trafficked QSR and fuel site located on the Pacific Highway in Coffs Harbour, with key tenants including Ampol, Hungry Jacks and Zambrero.