Brisbane, 08 July 2015 –Opportunities for new food & beverage operators and al fresco dining are being created at Brisbane’s ‘Homemaker The Valley’ retail centre as it begins to evolve under the ownership of Altis Property Partners.
Altis acquired the high profile centre in 2013 and is focusing on ensuring the optimum tenancy mix to capitalise on the property’s prime Fortitude Valley location on the major thoroughfares of Ann and Wickham Streets.
In the latest initiative, approvals are being finalised to create an additional food & beverage area of 272sqm for either one larger operator or multiple operators. The extension, which will also include alfresco external seating, will be completed by Q1 2016 and is being undertaken to better cater to customer ‘dwell time’ onsite when considering their purchasing intentions.
Whilst Homemaker The Valley is 100% occupied, there is a continued drive for remixing initiatives. Two prime ground floor showrooms of 286sqm and 351sqm are being offered off the back of lease expiries and these represent rare opportunities for retailers to enter the market in a strong destination to serve the evolving precinct.
Damian Crocetti, CBRE Director of Retail Services & Large Format Retail, said there was already strong interest in both the F&B space and the showrooms, given the positioning of Homemaker The Valley.
“A key driver for tenants is forecast growth in the catchment, with over 4,000 apartments being delivered in the next three years within a 1km radius of the centre,” Mr Crocetti said.
“This is expected to further bolster what is already a high spending power catchment with income levels above the Brisbane metropolitan average.”
Homemaker The Valley is split across two adjacent sites and benefits from excellent exposure to passing traffic and parking for over 650 cars in a location just 1.5km north of the Brisbane CBD with the Valley’s only public Hand Carwash to open shortly in the Ann Street basement (beneath ALDI)
The centre already is home to over 30 home, lifestyle, food and fashion stores, including Harvey Norman, Domayne, Freedom, Nick Scali, Trade Secret, ALDI, Bubs Baby Shop, Bay Leather Republic, OZ Design Furniture, Snooze, Forty Winks and Dare Gallery as well as one café, a new car wash and two gymnasiums.
“Homemaker The Valley is situated in a high density residential and commercial hub currently undergoing significant redevelopment and urban renewal. It is also in walking distance to the popular existing café, restaurant and boutique retail precincts such as James Street, The Emporium and Gasworks,” Mr Crocetti said.
Eloise Oakes, of CBRE Retail Services, is assisting with the leasing and added; “Given the centre’s location, the proposed F&B additions will further enhance the experience of the centre’s customers, the highest proportion of which is females living nearby and aged between 25 and 39.”
Homemaker The Valley is the largest home and retail centre servicing a growing main trade area of over 1 million residents with higher than average income, apartment dwellers and young single professionals.
For all leasing enquiries please contact exclusive leasing agent, CBRE, Damian Crocetti 0406 534 830 or Eloise Oakes 0432 682 246.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.