mmg.com.au

The derelict Vaughan St retail site will be developed within a year, with its sale to a major developer expected to be announced early next week.

Greater Shepparton City Council yesterday confirmed a buyer had been found for the existing retail sites on the northern side of Vaughan St and the vacant 16766sqm development site on the southern side.

A formal announcement was originally set for late yesterday, but Lascorp Development Group is expected to be confirmed as the purchaser next week, ensuring that the original vision for the precinct will become a reality.

Shepparton Retail Investments had proposed a $22million Central Plaza complex including 2800sqm of specialty retail space and at least two outdoor dining areas.

The plan came unstuck when the company was placed into liquidation late last year.

In March, the liquidators put the properties on the market as two distinct lots, the occupied retail sites and the development site, but the hope was one developer would take on both and work with council, which is committed to the urban renewal of the precinct.

Lascorp, founded in 1972 by famed Melbourne retailer Myer Lansky, is one of the biggest developers of supermarket and supermarket-based shopping centres in Australia. The company has undertaken a similar town-centre project in Seville and has successfully completed major shopping complexes across Australia.

‘‘The Vaughan St site provides a vital piece to the puzzle for the Shepparton central business district retail plan, and future development of the site will contribute to the health of the central business district overall,’’ Mayor Michael Polan said.

‘‘The retail redevelopment, and council’s planned contemporary urban streetscape, will greatly improve the area’s attractiveness to visitors and residents.’’

The streetscaping includes changes to parking, improvements in pedestrian access, provision of public spaces, bike racks and improved lighting.

‘‘The redevelopment of the retail area and the streetscaping are the first step in providing an important link between Shepparton’s travel hubs and the CBD, linking the railway precinct to the mall,’’ Cr Polan said.