Frankston Hospital’s $1.1bn redevelopment unlocks prime retail spaces
Frankston Hospital’s $1.1bn redevelopment unlocks prime retail leasing opportunities.
Frankston is set for a major retail and dining boost, with the $1.1bn Frankston Hospital redevelopment unlocking leasing opportunities for businesses.
The landmark project, backed by the Victorian Government and managed by Exemplar Health, will introduce a 12-level clinical services tower, an expanded emergency department, and dedicated mental health and oncology services, significantly increasing visitor numbers and creating a new commercial hub in Melbourne’s southeast.
Retailers are invited to secure tenancies ranging from 30 to 117 sqm, with space available for cafes, food courts, convenience stores, newsagents, florists, and kiosks.
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The redevelopment is expected to become a major retail destination, catering to hospital staff, patients, and visitors while also drawing customers from the wider Frankston and Mornington Peninsula communities.
The hospital’s catchment already exceeds 300,000 people, increasing to over 400,000 during peak holiday seasons.
Colliers head of Victorian retail leasing said he expected strong interest in these spaces.
New retail hub at Frankston Hospital set to transform the precinct.
“It’s early days, but our expectation is that there will be strong interest,” Mr Larwill said.
“A significant portion of the retail space is dedicated to food and beverage, catering to hospital staff, patients, and visitors.”
Mr Larwill said hospital precincts provide a built-in customer base, making them an attractive alternative to high-street retail.
“From a leasing perspective, this is an attractive opportunity because these businesses will benefit from a consistent flow of foot traffic,” he said.
“Retailers are increasingly looking for lower-risk locations, and having a built-in customer base from the hospital makes this a compelling option compared to a traditional high-street location.”
Big brands and local businesses eye Frankston Hospital retail spaces.
While the final tenant mix is yet to be confirmed, The Colliers head of Victorian leasing said both big-name brands and independent operators would be considered.
“There is certainly a place for both national brands and independent operators in a development of this scale,” Mr Larwill said.
“Large, well-known retailers bring strong brand recognition and reliability, while independent businesses can add a unique, community-focused element to the precinct.
“This development is bringing a new level of retail and convenience to Frankston, and we expect strong interest from businesses looking to capitalise on the built-in customer base.”
With the hospital operating around the clock, there is speculation that extended trading hours could be introduced to accommodate shift workers and late-night visitors.
While no firm plans are in place, Mr Larwill said it is a possibility if demand is strong.
Exemplar Health chief executive Fiona McKerrow said the redevelopment would strengthen the economy while expanding healthcare services.
The hospital’s catchment already exceeds 300,000 people, increasing to over 400,000 during peak holiday seasons
“By expanding the hospital’s facilities and services, the redevelopment is building capacity to meet the region’s healthcare needs, and boosting the local economy through job creation and new business opportunities,” Ms McKerrow said.
Businesses looking to secure a prime location within the hospital’s high-foot-traffic precinct have until April 1 to register their interest.
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