Leedwell has successfully leased a retail development on behalf of Troon Group in a joint venture with MaxCap.
Now under construction is 266 Maroondah Highway, Chirnside Park, a property they had secured as an infill, greenfield development site in the heart of the Chirnside Park Activity Centre during the COVID19 Pandemic. The property represents approximately 12,000sqm of retail floor space on a 3.9Ha Commercial 1 zoned site which is currently under construction and due for completion in October 2022.
The property had previously been ear marked for a Masters Home Improvement Centre and was then acquired by Kaufland for a supermarket before they existed the Australian market. The Joint Venture acquired the site from Kaufland and identified an opportunity to develop a large format retail centre, capitalising on the strength of the large format retail market conditions and taking advantage of the flexible Commercial 1 zoning.
Along with Neighbourhood centres, Large Format Retail has been one of the most resilient retail asset classes through this pandemic. The inability to travel and the need to work from home have been significant contributors to large format retail sales which has resulted in aggressive expansion from retailers.
Chris Parry of Leedwell, the leasing agent for the project said “large format retail vacancy rates during the leasing campaign were the lowest they have been since 2009, demand for space was strong and we have been able to secure 100% of the spaces before completion of the construction”
The development comprises 8 large format retail boxes, 4 speciality tenancies and 3 drive-thru boxes, adjoining and existing Dan Murphy’s. It is understood that retailers who have committed to the development include Baby Bunting, Harris Scarfe Home, Fantastic Furniture, Taco Bell, KFC, McDonald’s and more.
“Retail sales growth has continued to climb during our leasing campaign, particularly in household goods. We think that this will continue as consumers remain upbeat around the outlook for wage growth and still have an exceptionally high Household Savings which remains very elevated at 12.3% Nick Segran” from Leedwell said
The Chirnside Development is another success story for the Troon Group and Leedwell relationship who have previously delivered other successful developments including the Bunnings anchored Mentone Centre on the Nepean Highway.