The Mildura Homemaker Centre in north-west Victoria has welcomed three national retailers – establishing its position as one of the town’s leading large format retail complexes.
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’s Victorian team, comprising Tom Perkins and Chris Parry, negotiated the three lease deals.
Mr 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,” Mr Parry said.
“Additionally, the centre offers ample parking for customers and high visibility to Fifteenth Street, which is the premier large format retail precinct in Mildura.”
Other retailers at the centre include Fantastic Furniture, Chemist Warehouse and The Good Guys.
Mr Perkins added: “The Mildura Homemaker Centre represents a strategic location for the retail network due to the low cost to entry, including rent, advertising and employment – whilst also servicing a significant catchment due to the town’s isolation from other regional centres.”
Large format retail rents in the Fifteenth Street precinct currently range from $100 – $150 per square metre, per annum.
Mr 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%,” Mr Parry explained.
Mildura is positioned for further growth off the back of its strong beer and wine tourism industry, in addition to several major projects in the area including the recently announced 100MW grid-connected solar farm project in the area.