Retail property developer, Tipalea Partners has announced plans to develop a new $40 million neighbourhood retail centre in Devonport, Tasmania by 2024, after acquiring a development site from Bunnings in Stony Rise.

To be known as Stony Rise Village, the proposed new neighbourhood retail centre is set to create around 200 jobs during construction and over 500 ongoing jobs once the centre opens. The 3.3-hectare land parcel is adjacent to the Devonport Homemaker Centre.

Construction is anticipated to start in 2023 after necessary approvals are secured, with completion earmarked in 2024.

According to Tipalea, Stony Rise Village will deliver convenient, everyday shopping facilities to the growing local communities in Stony Rise, Miandetta and further south. Plans include a full-line supermarket of Coles or Woolworths supported by convenience retail and a range of food outlets.

“The surrounding community is on such a high-growth trajectory and retail like this is essential infrastructure that supports and enables this growth. This is about securing the continued growth of Devonport by providing the local communities with convenience, choice and competition,” Tipalea Partners CEO, Scott Spanton said.

Tipalea’s demographic research reveals an immediate catchment of 18,000 people for Stony Rise Village, that currently have no full-line supermarket. The greater Devonport area of 40,000 should be serviced by at least four full line supermarkets, but currently only has only two options, both in the CBD.

“High-quality, convenient retail is long overdue and desperately needed in Devonport and we are excited to deliver this to the community. Not only will it generate significant employment and provide greater access to quality retail, but Stony Rise Village will also have a range of innovative high-tech and environmental features,” Spanton added.