Mildura’s retail market continues to gain momentum, with Australian department store, Harris Scarfe, the latest retailer to secure a presence in the area.
Harris Scarfe has committed to a new seven-year lease on 1,500sqm at the Mildura Homemaker Centre – the latest in a series of new brands to join the centre’s growing line-up of retailers.
Other retailers to recently secure a presence at the 17,500sqm centre include Amart Sports, The Salvation Army, Carpet Court and Pets Domain – totaling more than 5,700sqm of leasing activity.
CBRE’s Chris Parry and Tom Perkins negotiated the most recent lease deal on behalf of the Melbourne-based large format retail landlord, MPG Funds Management.
“Harris Scarfe is the third national brand to make its foray into the Mildura market by securing a presence at the Mildura Homemaker Centre,” Mr Perkins said.
MPG Funds Management Managing Director, Brett Gorman commented on the recent centre activity: “National brands are attracted to the centre due to its extensive frontage to Fifteenth Street, in addition to its strategic corner position opposite retail heavyweight, Bunnings Warehouse.”
The addition of The Salvation Army, Amart Sports and Harris Scarfe to Mildura Homemaker Centre are creating more than 40 job opportunities in the area.
Mr Parry said the deal highlighted growing demand from retailers to secure market shares in populous regional locations across Victoria, New South Wales and Queensland.
“These markets often represent opportunities for lower rent and marketing costs, ample staffing solutions and healthier margins due to reduced competition than other larger metropolitan markets,” Mr Parry explained.
The recent leasing activity at Mildura Homemaker Centre follows the sale of the fully leased Rocklea Homemaker Centre in Bendigo, Victoria in October 2016 for $35 million.
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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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
