High-Profile Site Presents Prime Development Opportunity in Daylesford

The existing hardware structure offers various opportunities for redevelopment and repositioning for astute investor, developers and owner- occupiers.

Colliers is pleased to bring to market the former Mitre 10 hardware store at 4 Raglan Street in the regional hotspot of Daylesford. This high-profile site is expected to attract developers, investors, and owner-occupiers alike.

Situated just 1 kilometre from the Daylesford Town Centre, the property benefits from a strategic gateway location within a rapidly growing area. The 1,688 sqm existing structure sits on a generous 6,076 sqm land holding within a NRZ1 Neighbourhood Residential Zone. A zoning that presents several redevelopment and repositioning possibilities, with council permit approval for retail uses including a supermarket.

Tim McIntosh, Colliers’ Director for Retail Middle Markets Victoria, said, “The site’s current hardware store structure, favourable zoning and council support provide a prime opportunity for a variety of development outcomes.”

McIntosh noted, “Nationally, we are seeing a significant trend towards repurposing existing retail assets to their highest and best use. Hardware stores have been a key mandate for developers as they typically occupy a high-profile location within established retail precincts and enable significant construction cost efficiencies relative to greenfield developments.”

“Developers and investors remain highly interested in retail development sites in underserviced catchment areas. The limited competition in regional Victorian locations makes opportunities like this appealing investment prospects,” added Matt Stagg, Colliers’ Head of Investment Services Victoria.

Located 45 km northeast of Ballarat and 100km north of the Melbourne CBD, the property benefits from being directly situated behind the popular Daylesford Railway Station, a renowned tourist destination featuring heritage train experiences. This prime location ensures high visibility and engagement within the vibrant Daylesford area, known for its scenic beauty, which includes mineral springs, botanical gardens, and wildlife parks.

Travis Hurst, Colliers Managing Director for Ballarat, Geelong, and Bendigo, commented on the region’s economic significance for regional Victoria, “In 2023, the Daylesford and Macedon Regions attracted $782 million in domestic and international tourism expenditure.”

“The Hepburn Shire Council also recorded an economic output of $1.733 billion and a gross regional output of $925 million. This diverse economy supports key industries such as Accommodation & Food Services, Health Care & Social Assistance, and Retail Trade, contributing significantly to local employment and economic activity.”

Daylesford is positioned at a central crossroads of major arterial roads, including the Midland Highway (A300), Daylesford Trentham Road (C137), and Vincent Street (C138/141), 4 Raglan Street offers excellent connectivity to surrounding regions, including Creswick, Ballarat, Campbells Creek, Melton, and Maryborough.

4 Raglan Street, Daylesford, is available for purchase via an Expressions of Interest campaign closing at 12pm (AEST) on Thursday, 3 October 2024.