Specialist bedding and mattress retailer, Regal Sleep Solutions has recently acquired one of the final vacancies at Pakenham Lifestyle Centre – bringing the retailer’s network to 14 stores across Victoria.
Comprising approximately 30,000sqm, Pakenham Lifestyle Centre houses major national retailers including JB HiFi Home, Beacon Lighting, Autobarn, Focus on Furniture, Best Friends, Barbeques Galore and BCF.
Located at 825 Princes Highway, the centre further benefits from prime positioning adjacent to Bunnings Warehouse and Officeworks, in what is arguably the homemaker and lifestyle hub of Pakenham and the greater Gippsland region.
CBRE’s Tom Perkins negotiated the lease agreement for Regal Sleep Solutions new 285sqm showroom. Rents throughout the centre range from approximately $185-$300sqm.
Mr Perkins said Regal Sleep Solutions was attracted to the Pakenham Lifestyle Centre based on its prominent positioning in a growing region, which has experienced high residential growth of 6.5% per annum.
“The expansion of Regal Sleep Solutions represents a broader trend in the market, with bedding specialist retailers growing significantly over the past 12 months to account for 5% of CBRE’s national large format transactions - a trend that is expected to continue over the coming months,” said Mr Perkins.
Following this agreement, CBRE is now negotiating the lease of the final vacancy within the centre.
“Strong retailer competition is expected for the final 400sqm showroom, which offers prime location adjacent to Regal Sleep Solutions and with fantastic exposure and sight lines to the Princes Highway,” said Mr Perkins.
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.