A 3.5-hectare site in Kingston has been acquired by Sydney-based developer Tipalea Partners for $5 million.
The site is set to become a neighbourhood retail centre known as Huntingfield Village.
"Modern, convenient retail is essential infrastructure for growing regions and Huntingfield Village will provide local residents with choice, convenience and significant amenity for years to come, in addition to boosting local employment," said CEO of Tipalea Partners Scott Spanton.
The anticipated retail centre is intended to feature a Coles or Woolworths supermarket with a significant drive-through and click-and-collect service.
An additional 15 retail facilities - including medical and dental services, a café, bakery and takeaway food options are also intended for the site.
Tipalea anticipates that following the necessary Kingborough Council approvals potentially being secured in 2023, construction will commence early next year, with completion due in early 2025.
The Kingborough Chronicle reached out to Kingborough Mayor Paula Wriedt for comment.
"It is good to see a proposal for this site, which includes a boost for medical and dental services for Kingborough, which the community is calling for," Cr Wriedt said.
"As a Development Application has not been lodged, and one is required, I cannot pre-empt any decisions that Council will make on the specifics of the development.
"I would like to assure the community though, that as the land is split zoned with just over half of the site zoned commercial and the remaining area of the site zoned environmental management, any development would be contained in the commercial zone land part of the site.
"The natural and cultural values within the environmental management zone, located at the southern end of the site and along the Southern Outlet, would be protected and can not be developed."