The face of Victoria’s homemaker centres is changing, with an influx of new entrants to the sector diversifying the retail mix in shopping hubs across the state.
CBRE’s Tom Perkins said plumbing supplies specialist Highgrove Bathrooms was the newest entrant to the large format sector, having recently secured a new showroom in Nunawading’s homemaker precinct.
Located at 368 Whitehorse Road, the 960sqm refurbished showroom benefits from more than 20 metres’ main road frontage, onsite car parking and rear loading truck access.
Mr Perkins said Highgrove’s commitment to the area was evidence of growing demand in Victoria’s large format sector.
“The addition of Highgrove Bathrooms to the strong performing Nunawading homemaker precinct is evidence of growing demand from plumbing retailers looking to gain a presence in these strips,” Mr Perkins said.
“Highgrove Bathrooms is a welcome addition to the “large format retail Golden Mile” of Whitehorse Road, and will join fellow bathrooms retailers including Allure Bathrooms, Burdens, Reece, First Choice Warehouse and E&S Trading.”
The property benefits from a highly sought after location, close to Harvey Norman, Lombard, Super Amart, HomeHQ Centre and Brand Smart.
Highgrove Bathrooms is Australia’s fastest growing bathroom company, with 29 stores nationwide - increasing to 31 soon with two new Victorian stores at 368 Whitehorse Road and 204 Bell Street in Preston.
CBRE was appointed to assign the lease following Far Pavillions’ exit from the Victorian market, which will see the furniture retailer focus its operations on its nine Queensland stores.
Mr Perkins said the deal followed an influx of new tenants entering the large format sector, with strengthening demand from a diverse mix of retailers.
“The tenancy mix of these centres is evolving, with increasing demand from sporting goods retailers, bathroom specialists, play centres and other specialist retailers looking to enter the increasingly competitive market,” Mr Perkins said.
“With current demand outweighing stock availability, rental growth is likely to continue over the short to medium term.”
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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.