Pegasus town centre design unveilied19/08/2013 - Development
The blueprint for a $70 million master planned retail, commercial and mixed use development of the Pegasus town centre has been unveiled by Todd Property Group.
Building of the first stage which will have a development value of $30m and deliver an estimated 8,000sqm of retail and commercial space to the heart of the town – is expected to be underway in the first half of 2014.
The development concept will include retail and professional services, a food and beverage precinct at lakes edge, accommodation and a supermarket.
“The town centre will provide important additional retail and commercial services to the community,” said Evan Davies, Managing Director of Todd Property Group.
“The state-of-the-art design and construction will make Pegasus a better place to work, visit, live, shop and do business.
“The new town centre will create opportunities for investment, new employment and attract additional visitors to Pegasus,” he said.
A development team of highly experienced consultants will be led by Development Manager Andrew Duncan of Todd Property. The Buchan Group – one of the largest architectural groups in Australasia – has been appointed project architect.
The purpose-built development will service the town’s current needs and expected population growth out to its anticipated 4,500 residents, as well as providing a lifestyle shopping and dining destination for the surrounding community.
The new development will provide an extension of the existing town centre, linked by large green spaces through to Lake Pegasus.
The commercial and retail town centre design has been a major focus of Todd Property Group since the purchase of Pegasus in late 2012.
Todd Property Group engaged independent retail planning specialists, RCG Ltd, to analyse demand and opportunity for commercial and retail services within the town. RCG has created more than 15 town centres and shopping centres over the past 15 years and currently has six centre developments in planning stages.
RCG followed a rigorous process and considered various criteria including catchment area, demographics, population growth projections, and retail sales modeling.
“Our research indicates that households living in Pegasus’ catchment areas will be spending $150 million on retail per annum by 2021 and close to $200 million per annum by 2031,” said Paul Keane of RCG.
“These projections indicate that Pegasus will be able to support an appealing and convenient shopping destination, attracting a wide range of store types,” he said.
It has been important to Todd Property Group that the Pegasus town centre was planned and developed on a well-researched and sustainable basis.
The completion of the RCG work provides key purchasers and tenants with sound information on which to base their investment decisions, according to Evan Davies.
“Business owners and investors now have an independent and expert insight into the size of the market and the opportunities within that market,” he said
“We know that the process for a successful master-planned town centre includes planning, design, sales and leasing, building, then tenancy. Pegasus is now able to move to the second stages of that process, design in parallel with sales and leasing.
“We believe that the new community focused and sustainable town centre will enhance the reputation of Pegasus as the most desirable location in the region,” said Davies.