Canberra Airport Corporation appointed Ray White Retail to advise on re-positioning of their partly developed retail precinct and identify its potential for further retail development. Ultimately this eventuated into one of the largest retail developments of 2011/12 nationally increasing the retail precinct to 60,000 m².
After analysing the existing retail facilities performance a new strategy was devised and with the knowledge that there was to be a new Costco superstore. Market research was commissioned to test the value of a full subregional shopping centre . Following a favourable report, Ray White Retail identified a cost effective way to establish a new centre by utilising the shell of the existing factory outlet centre building. Ray White Retail then approached the major discount department stores and supermarkets to establish potential interest. Woolworths considered the opportunity and made the decision they would prefer to have all their “family” of large format stores represented – in order to have the best competitive offer to Costco.
Ray White Retail (Sydney) Director Bob Walsh was instrumental in introducing and negotiating terms Big W 8000 m², Woolworths Supermarket 5000 m², Masters Hardware Superstore 13,000 m² and Dick Smith outlet of 4540 m² [in total nearly 27,000 m² of new retail floor space to the Woolworths Group] in what was one of the largest leasing deals nationally in 2011. The agency continued to advise on the more detailed design for incorporating the DDS and supermarket within the confines of the existing building [incorporating in the process 35 additional complimentary specialty shops]. There was already an existing supermarket within the precinct and it was anticipated the new competition would not be welcomed and a subdivision opportunity was identified. The 4000 m² of space was subsequently released [at almost three times the total rent] to national retailers Pillow Talk, Supre and Pet Barn. Determination of the tenancy mix for the shopping centre would be critical to the centre’s success and Ray White Retail were appointed to lease the specialty component of 35 shops which was substantially achieved within just 4 months of being able to announce the major store leasing. They advised against incorporating traditional fresh food uses that could bcome “collateral damage” as a result of any price war between Costco and Woolworths. Instead it was decided that a major food/catering component should be incorporated – in order to attract customers anticipated to be making long journeys to visit Costco, and the lack of a quality catering provision in that store.
Significant free advertising was achieved by way of press releases announcing Costco and the major leasing to the Woolworths Group as well as traditiional local, national and web advertising. Significant commentary and a six page feature article were also used in the leading specialty Retail and Shopping Centre publications.
|Total GLA||60,000m²*||Majors||Big W [8,000m²*] Woolworths [5,000m²*] Masters Hardware [13,000m²*]|
|New GLA leased by Ray White Retail||34,000m²*||Mini Majors||Pillow Talk, Pet Barn, Supre, Dick Smith|
|Ray White Retail Agents||Bob Walsh||Notable Specialty Stores||Rockmans, Crossroads, Ally Fashion, Payless Shoes, Electronics Boutique,|
Coffee Club, Oporto, Michaels Patisserire, Hokka Hokka
|Precinct Map – Majura Park||Masterplan July 2012|