The City is considering investing in LandCorp’s proposed Gap Ridge Homemaker Centre.
Located on the corner of Dampier Highway and Madigan Road, the Homemaker Centre would service an estimated trade market of $178 million and has some 11,500 cars passing by daily.
The Homemaker Centre is designed to accommodate bulky-goods retailers and would provide large open-plan spaces and plenty of parking for the selling of products. This major transaction would result in the City purchasing the existing developed land near 7-Mile Creek, constructing buildings for about 12 commercial enterprises, and then leasing these tenancies out.
The City is considering involvement for several reasons, including the generation of employment, new shopping opportunities, generous financial returns and diversification of its investment portfolio. The proposed transaction would be developed over a two-year period and would cost about $27 million.
A business plan is available for public comment at the Welcome Road offices and the various town libraries. Submissions may be made until March 31.