Goldfields Forges Ahead on $150m Cornerstone Kyneton

Goldfields has progressed its $150-million mixed-use precinct at Kyneton, moving into the leasing phase after winning planning approval for the 62ha development.

The project is one of the largest commercial developments planned for the Macedon Ranges region in recent years.

The masterplanned retail and commercial precinct has secured a planning permit, with construction tentatively scheduled to commence in the third quarter of 2026, though a builder has yet to be named.

The Cornerstone Kyneton development is north of the Calder Freeway and the Kyneton township at 106 Edgecombe Road. It would comprise large-format retail, commercial warehouses, entertainment venues, fuel stations and food outlets.

Bunnings Group has secured the anchor tenancy with a $15-million warehouse spanning 5000sq m of net lettable area.

The hardware retailer has signed a 10-year lease and would create permanent jobs for 40 people.

The store would be the only Bunnings within a 50km radius.

McDonald’s Australia has also secured a prominent site within the precinct. 

Goldfields general manager, retail and mixed-use, Hugh Doyle, told The Urban Developer the group was weeks from announcing a raft of national and international retail brands once lease agreements were finalised.

“We’re excited to be delivering Stage 1 of this masterplanned retail and commercial precinct, with a number of LFR tenancies now available,” Doyle said.

A $100-million first stage is expected to be announced soon.

“We have received multiple permits for different aspects of Stage 1, but require more permits before we can commence construction,” Doyle said.

“We are aiming to commence civil construction by the end of 2025 with the built form construction to commence shortly after.”

The development received Victorian Civil and Administrative Tribunal approval in 2022 after initially facing council rejection and resident concerns about the complex harming the town’s rural character and local businesses.

▲ Artist’s impression of the proposed housing and retail components at the Goldfields Edgecombe Road precinct.

BCI lists warehouses, apartments, swim school, shops, homemaker centre, carwash, petrol station, winery, brewery and fast-food restaurants as possible components of the precinct.

The masterplan includes significant residential components alongside the commercial elements. 

Goldfields Group Holdings appointed TRG Australia for the project design. David Marks from Marked Property has been appointed as the leasing agent.

▲ The precinct is designed with flexibility and sustainability in mind, with green spaces and essential services to support the community.

Retail tenancies range from 352sq m to 2000sq m and would be supported by 431 carspaces, high-profile facades, large signage zones and generous shopfronts, developers said.

The precinct is within a designated growth corridor 2.3km from Kyneton Railway Station and 1.9km from the town centre.

The site has daily traffic flows exceeding 16,600 vehicles and has direct access to the Calder Freeway with Melbourne about 90km away.

Goldfields Group reports a development portfolio comprising $850 million in completed projects, $1.2 billion currently under construction and a total portfolio valued at $4 billion.

The company has projects under construction in Queensland and Victoria, including The Raleigh in Melbourne and 88 Robertson Street in Brisbane, alongside recently announced work on The Bryson, a 27-storey residential tower in Sydney’s Chatswood scheduled for completion in the fourth quarter of 2026.