Waverley Gardens Shopping Centre
Waverley Gardens Shopping Centre is a major suburban shopping centre in Mulgrave, south-east of Melbourne, Victoria.
Last updated August 25, 2026
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Overview
Waverley Gardens Shopping Centre is a suburban retail complex in Mulgrave, approximately 25 kilometres south-east of Melbourne, Australia. The centre occupies a prominent position beside the Monash Freeway, with Police Road forming its southern boundary and Hansworth Street on the west. Its catchment is primarily residential and extends across the south-eastern suburbs of Melbourne. The centre originated in the early 1970s, when developer George Herscu acquired approximately 18 hectares of former farmland at the intersection of Police Road and Jacksons Road. Herscu planned an integrated development combining an indoor shopping centre with a nearby housing estate. The residential component was developed alongside the retail project and helped establish Hansworth Street and several adjoining courts. The project was formally announced in 1976 and construction proceeded under Hanover Holdings. Waverley Gardens opened on 15 March 1977 with approximately 60 specialty stores, a Safeway hypermarket and a Venture department store. It was conceived as a modern enclosed shopping destination for a growing suburban population. A substantial second stage commenced in 1980 under Hersfield Developments. The extension added 56 shops, five kiosks, a fitness centre, professional offices, a two-screen Hoyts cinema and what was described at the time as Victoria's largest Target store. The expanded centre began trading in the middle of 1981. Ownership and corporate control changed over subsequent decades. In 1989, receivers of Hersfield Developments sold the property to Growth Equities Mutual. The centre later became associated with Mirvac, which undertook a major redevelopment program beginning in 2004. That program was delivered in stages and addressed both the retail environment and supporting infrastructure. Works included two new multi-storey car parks, restoration of an existing car park, relocation of the bus terminal, an extension on the north-eastern side, and improvements to internal public areas and entrances. The first major redevelopment stage was completed in May 2005. It introduced a Coles supermarket and a corridor of additional smaller retailers leading towards Target, while also refurbishing entrances and improving the appearance of the internal walkways. Two multi-storey car parks were opened on the south-western side as part of the works. A redesigned food court opened in December 2006. The second stage was formally completed on 8 March 2007 with the opening of a Big W department store, additional specialty retail space and the restoration of the north-eastern car park. By the early 2010s, the centre had developed into a retail complex of approximately 110 shops, combining supermarkets, department-store-style anchors, specialty retailers, food outlets, services, entertainment and transport-linked access. The property changed hands again during the period of institutional ownership restructuring in Australian retail real estate: Mirvac sold the centre by 2013, with the property subsequently associated with Blackstone and later acquired by Elanor in 2018. The available reference material does not establish the current owner or operator. Waverley Gardens remains an active shopping centre serving the Mulgrave area and the wider south-eastern Melbourne market.
History
Waverley Gardens was developed on approximately 18 hectares of former farmland in Mulgrave, south-east of Melbourne. Developer George Herscu acquired the land in the early 1970s with the intention of creating an enclosed shopping centre alongside a residential estate. The retail and residential components were developed together, producing nearby streets and courts including Hansworth Street. The project was formally announced in 1976 and construction was undertaken under Hanover Holdings. The centre opened on 15 March 1977 with around 60 specialty shops, a Safeway hypermarket and a Venture department store. Its opening established Waverley Gardens as a substantial enclosed retail destination for the expanding south-eastern suburbs. Construction of a second stage began in 1980 under Hersfield Developments. The extension added 56 shops, five kiosks, a fitness centre, professional offices, a twin-screen Hoyts cinema and a Target department store described in contemporary accounts as the largest of its kind in Victoria. The expanded centre began trading in mid-1981. In 1989, receivers acting for Hersfield Developments sold the property to Growth Equities Mutual. Waverley Gardens later became part of Mirvac's retail-property interests. In 2004, a three-stage redevelopment program began. The works were intended to modernise the centre, increase retail capacity and improve access. They included the construction of two multi-storey car parks, restoration of another car park, relocation of the bus terminal, extension of the centre on its north-eastern side and refurbishment of internal shopping areas. The first major stage was completed in May 2005. Coles opened as a new supermarket anchor, accompanied by a line of smaller stores extending towards Target. Entrances and internal walkways were refurbished, and two multi-storey car parks were added on the south-western side. A new-look food court opened in December 2006. The second stage was completed on 8 March 2007 with the opening of Big W, more specialty shops and restoration of the north-eastern car park. By 2013, Mirvac had sold the centre. Reference material identifies a subsequent association with Blackstone and a sale to Elanor in 2018, reportedly linked to Blackstone's withdrawal from direct retail ownership. The current ownership structure is not established by the supplied sources. The centre is described as having approximately 110 shops and continues to operate as a suburban shopping and services complex in Mulgrave.
- 2018
Sale to Elanor
[1]Elanor acquired the centre in a transaction following its association with Blackstone.
- 2007
Big W stage completed
[1]The second redevelopment stage was completed on 8 March with Big W, additional specialty shops and restoration of a car park.
- 2006
Food-court refurbishment completed
[1]A redesigned food court opened in December.
- 2005
Coles stage completed
[1]The first major redevelopment stage opened in May, adding Coles, specialty stores, improved entrances and south-western multi-storey car parks.
- 2004
Three-stage redevelopment starts
[1]A major redevelopment program began, covering retail expansion, parking, transport access and internal refurbishment.
- 1989
Sale to Growth Equities Mutual
[1]Receivers of Hersfield Developments sold the centre to Growth Equities Mutual.
- 1981
Expanded centre begins trading
[1]The second stage opened in mid-1981 with 56 additional shops, entertainment, leisure, office and department-store facilities.
- 1980
Stage 2 construction begins
[1]Construction began on a major extension under Hersfield Developments.
- 1977
Original centre opens
[1]Waverley Gardens opened on 15 March with approximately 60 specialty stores, Safeway and Venture.
- 1976
Shopping-centre project formally announced
[1]The proposed enclosed shopping centre and adjoining housing development at Mulgrave were formally announced under a project associated with developer George Herscu and Hanover Holdings.
Products and positioning
A convenient suburban shopping and services destination serving Mulgrave and surrounding south-eastern Melbourne communities, combining anchor stores, specialty retail, food, entertainment, professional services and substantial car-parking facilities.
Supermarket · 2005
Coles
Coles is a supermarket anchor introduced during the first major stage of the 2004–2007 redevelopment. Its addition strengthened Waverley Gardens' everyday grocery and convenience offer and formed part of a refurbished retail corridor leading towards Target.
Department store · 2007
Big W
Big W opened at Waverley Gardens when the second redevelopment stage was completed in March 2007. The department store broadened the centre's general-merchandise offer and served as a major anchor alongside the supermarket and other large-format retailers.
Department store · 1981
Target
Target was part of the original expansion-era anchor mix. The 1981 stage added a Target store described in the source material as Victoria's largest at the time, helping establish the centre as a broad merchandise and household-shopping destination.
Cinema and entertainment · 1981
Hoyts twin-screen cinema
A two-screen Hoyts cinema was added in the 1981 expansion. It extended Waverley Gardens beyond shopping by providing an entertainment component within the enclosed centre.
Food and dining · 2006
Food court
The centre's food-court offer was substantially refreshed in December 2006 as part of the wider redevelopment. It provides a shared dining area supporting the centre's retail and convenience role.
Brand decisions
2007
Completion of second redevelopment stage with Big WProduct launchBackground
The second stage followed the Coles-led first stage and completed further retail and infrastructure works.
Action taken
Big W opened on 8 March 2007, accompanied by smaller shops and restoration of the north-eastern car park.
Aftermath
The staged redevelopment substantially refreshed the centre and expanded its anchor-store and specialty-retail mix.
2005
Introduction of Coles anchor and first redevelopment stageProduct launchBackground
The first major stage of the redevelopment was designed to strengthen the centre's grocery and specialty-retail offer.
Action taken
Coles opened alongside a corridor of smaller retailers, refurbished entrances and two new south-western multi-storey car parks.
Aftermath
Waverley Gardens expanded its everyday shopping offer and improved the appearance and access of the centre.
2004
Launch of staged centre redevelopmentStrategyBackground
The centre required modernised public areas, additional retail capacity, improved parking and better integration with local transport access.
Action taken
A three-stage redevelopment was commenced, including a north-eastern extension, new and restored multi-storey car parks, bus-terminal relocation and internal refurbishment.
Aftermath
The program produced new supermarket and department-store anchors, a refurbished food court, additional specialty shops and upgraded access infrastructure.
Recent events
- 2018
Elanor acquires Waverley Gardens in a retail-property transaction[1]
M&A
Elanor acquired Waverley Gardens as part of a transaction associated with Blackstone's passive exit from the retail sector.
- 2013
Ownership changes during institutional retail-property transactions[1]
M&A
Mirvac had sold Waverley Gardens by 2013. The property was subsequently associated with Blackstone before a later sale to Elanor in 2018.
- 2007
Second redevelopment stage completed with Big W opening[1]
Product launch
The second redevelopment stage was completed on 8 March 2007 with the opening of Big W, new smaller shops and restoration of the north-eastern car park.
- 2006
Refurbished food court opens[1]
Product launch
A redesigned food court opened in December 2006 as part of the centre's staged redevelopment.
- 2005
First major redevelopment stage introduces Coles and new parking[1]
Product launch
The first major stage was completed in May 2005. It introduced Coles, additional specialty retail space, refurbished entrances and two multi-storey car parks on the south-western side.
- 2004
Major redevelopment program begins[1]
Other
A three-stage redevelopment program commenced, covering new and restored multi-storey car parks, relocation of the bus terminal, a north-eastern retail extension and improvements to the centre's interior.
- 1989
Waverley Gardens is sold to Growth Equities Mutual[1]
M&A
Receivers of Hersfield Developments sold the shopping centre to Growth Equities Mutual.
- 1981
Stage 2 expansion adds retail, cinema and leisure facilities[1]
Product generation
The centre's second stage began trading in the middle of 1981, adding 56 shops, five kiosks, a fitness centre, professional offices, a two-screen Hoyts cinema and a large Target store.
- 1977
Waverley Gardens opens as an enclosed suburban shopping centre[1]
Product launch
Waverley Gardens opened on 15 March 1977 with approximately 60 specialty stores, a Safeway hypermarket and a Venture department store.
Sources2 sources
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