A First for Large Format Retail in Victoria
A first of its kind for a Large Format Retail centre in Victoria, Char Reading Cinema announced their commitment to the expansion of the Millers Junction development, Millers Junction Retail.
Reading Cinema, a NASDAQ listed company, plans to offer a six-screen, 3000sqm cinema showcasing the highest quality in Australian cinema as western Melbourne’s first premium TITAL LUXE auditorium with convenient reserved seating, the newest Dolby Atmos immersive sound and enhanced food and beverage offerings.
Consumers are increasingly viewing shopping as an experience, and astute developers and investors are starting to accommodate this by creating an engaging space with activities which cannot be achieved at home or online. This emerging trend is widely referred to as ‘retailtainment’.
Property fund manager Charter Hall is building the $70 million shopping centre as the last stage of the $250 million Millers Junction precinct.
Charter Hall’s head of diversified development, Ben Dodwell, said Reading Cinemas has been a “market leader in leisure and entertainment innovation, especially making the cinema experience accessible in Australia”.
Chris Parry of Leedwell Property said that “the expansion of Millers Junction has been an enthralling development to be involved in.
“Our team leased Stage 1 back in 2013 however, the advances in town planning across Victoria which was driven by the LFRA have really enabled us to meet modern consumer demands with a cutting-edge retail mix in this stage.
“We are really excited about some of the new announcements we will be sharing soon”.
Millers Junction retail is currently under construction and is due to open by November 2019, Reading Cinema are expected to be trading by mid-2020.
Fast Facts Box
- Address: Millers Junction Retail, 290 – 298 Millers Road, Altona North
- Property Type: Large Format Retail
- Transaction Type: Lease
- Retailer: Reading Cinema
- Size: 3,000sqm
- Chris Parry
- Tom Perkins
- Nick Segran
Chris Parry, Partner, Leedwell