Melbourne, 2 September 2013-The Geelong Gate Homemaker Centre has been listed for lease in a move tipped to attract significant retailer interest.
Located at 470-490 Princes Highway, the property comprises approximately 20,000sqm of lettable space and is anchored by national retailers Fantastic Furniture, BCF and Chemist Warehouse.
The complex, which also includes a 402 space car park, was developed in 2008 and expanded in 2011.
CBRE’s Chris Parry, Head of Bulky Goods Australia, who is marketing the property on behalf of Kervale Investments, said the centre’s prominence and exposure to the Princes Highway, coupled with its critical mass of national retailers, make it an exciting location for any retailer.
“The Geelong Gate Homemaker Centre has a strong and diverse offering of furniture, party supplies and homeware retailers, with potential to expand this to include pet supplies, leisure and sporting good operators,” Mr Parry said.
“It’s an exciting time for retail in northern Geelong. A combined planning scheme amendment and planning permit application was recently lodged with council to establish a shopping centre immediately opposite the Geelong Gate Homemaker Centre by extending the retail adjacent to the existing Aldi supermarket.”
The proposed shopping centre would comprise a total leasable floor area of 3,267sqm, with the increased retail offering further strengthening the precinct’s position as a major shopping precinct, Mr Parry said.
Changes to the definition of Bulky Goods or Restricted Retail introduced in Victoria in 2012 has driven demand from an array of retailers outside of the traditional occupiers in 2013.
“We are witnessing the effects of positive zoning reforms in Victoria, which is underpinning more activity in this sector,” Mr Parry explained.
“We are seeing more enquiries from pet suppliers, automotive, leisure and sporting goods retailers, but more excitingly, the large format retailers such as Trade Secret or sub 1,800sqm supermarkets, which were previously not permitted to accommodate under former planning legislation.”
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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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 atwww.cbre.com.au.