Third time is a charm! Brand new homemaker centre under construction

Leedwell has successfully leased a retail development on behalf of LFRA Gold Associate Member Troon Group in a joint venture with MaxCap.

Now under construction is 266 Maroondah Highway, Chirnside Park VIC 3116, a property they had secured as an infill, greenfield development site in the heart of the Chirnside Park Activity Centre during the COVID-19 Pandemic.

The property represents approximately 12,000sqm of retail floor space on a 3.9 hectare Commercial 1 zoned site which is currently under construction and due for completion in October 2022.

The property had previously been ear marked for a Masters Home Improvement Centre and was then acquired by Kaufland for a supermarket before they existed in the Australian market.

The Joint Venture acquired the site from Kaufland and identified an opportunity to develop a Large Format Retail centre, capitalising on the strength of the Large Format Retail market conditions and taking advantage of the flexible Commercial 1 zoning.

Along with Neighbourhood centres, Large Format Retail has been one of the most resilient retail asset classes through this pandemic.

The inability to travel and the need to work from home have been significant contributors to Large Format Retail sales, resulting in aggressive expansion from retailers.

Leedwell Partner Chris Parry, the leasing agent for the project, said “Large Format Retail vacancy rates during the leasing campaign were the lowest they have been since 2009.

“Demand for space was strong and we have been able to secure 100% of the spaces before completion of the construction.”

The development comprises 8 Large Format Retail boxes, 4 speciality tenancies and 3 drive-thru boxes, adjoining an existing Dan Murphy’s.

It is understood that Large Format Retailers who have committed to the development include Baby Bunting, Harris Scarfe Home and Fantastic Furniture.

“Retail sales growth has continued to climb during our leasing campaign, particularly in household goods,” said Nick Segran, Leedwell Retail Specialist.

“We think that this will continue as consumers remain upbeat around the outlook for wage growth and still have an exceptionally high household savings which remains very elevated at 12.3%.”

The Chirnside Development is another success story for the Troon Group and Leedwell relationship who have previously delivered other successful developments including the Bunnings anchored Mentone Centre on the Nepean Highway.

Fast Facts Box

• Address: 266 Maroondah Highway, Chirnside Park VIC  3116
• Property Type: Large Format Retail Centre
• Site Area:  9 hectare (approx.)         | Building Area:           12,00 sqm (approx.)
• Key Retailers: Baby Bunting, Harris Scarfe Home, Fantastic Furniture, Taco Bell, KFC, McDonald’s
• Developer: Troon Group and MaxCap
• Agent(s):  Chris Parry; Leedwell Property; 0420 304 185