This article is from the Australian Property Journal archive
THE Mildura Homemaker Centre in north-west Victoria has secured three national retailers.
Super Retail Group’s Amart Sports, Carpet Court and the Salvation Army have all signed new leases at the centre, taking three separate tenancies totalling 3,088sqm.
Amart Sports’ entry to the centre marks the retailer’s first store in the Mildura market, with the opening creating more than 20 local jobs.
CBRE’s large format retail Victorian team comprising Tom Perkins and Chris Parry, negotiated the deals.
Parry said the Mildura Homemaker Centre’s already strong national tenancy profile helped attracted the new retailers.
“With seven existing national brands at the centre, these new retailers were eager to capitalise on the strong patronage at one of Mildura’s major shopping destinations,” Parry said.
Other retailers at the centre include Fantastic Furniture, Chemist Warehouse and The Good Guys.
Large format retail rents in the Fifteenth Street precinct currently range from $100 – $150 per sqm per annum.
Parry said the recent deals highlighted the strength of Victoria’s regional retail markets.
“Regional Victorian markets have grown increasingly popular with large format retailers and investors in recent times. Demonstrating this is the Rocklea Homemaker Centre in Bendigo, which was recently fully leased to primarily national retailers such as Fantastic Furniture, BCF and Pillow Talk. The centre subsequently sold for $35,000,000 – representing an equivalent yield of 7.43%,” he explained.
Australian Property Journal
