Tuggerah expands upwards

Aventus Group, the largest pure-play, ASX-listed, large-format retail landlord in Australia, has completed a $28 million redevelopment of the Tuggerah Super Centre on the NSW Central Coast, adding an extra floor and accommodating 11 additional tenancies.

The development reflects the changes in large-format retail in a number of ways, Aventus says, including the focus on customer amenity. The centre – like so many others now – is a destination, not just a place to shop; it has more attractive shop fronts and finishes, access to gyms, cafes and childcare operators, improved seating, and a children’s play area.

Another trend that the Tuggerah centre illustrates is that it dominates its catchment area for large-format goods. Aventus says such critical mass is important to customers and retailers alike as it offers a chance to comparison shop as there are so many representatives of each category of household goods under one roof. For example, among the many furniture stores are Fantastic Furniture, Focus on Furniture and Bedding, Eureka Street, Homeland, Knott’s Pine, Lazyboy, Adairs and Sapphire Wood.

Access exclusive news, features, interviews and reports.

Subscribe now or login to access premium content.

Subscribe Log in

Tuggerah benefits from various non-rental opportunities, in line with general trends. Aventus is able to create income from various types of signage and storage, as well as through the expansion of solar power grids.

Aventus sees a number of opportunities across its portfolio to increase the density of its centres, especially in the area of rooftop conversions. Altogether it has added almost 11,000sqm of new GLA during fiscal 2018.

Aventus praised the recent changes in NSW to retail land use definitions, saying the changes provided greater security and clarity for retailers, landlords and developers seeking to expand their footprints in the state, as well as enable LFR centres to better meet changing customer needs. It saved its highest praise, however, for Victoria, saying the state had the most progressive planning provisions in the nation.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading...

Inside Retail Polls

Myer's new chief executive
Is John King the right CEO to lead Myer's turnaround?

Twitter

Partnership to improve Pharmacy 4 Less delivery times for customers in China, as well as provide a superior shoppin… https://t.co/S9EAogH6IM

5 hours ago

Rachel Shafner alleges she was let go after applying for flexible work arrangements to pick up her children from sc… https://t.co/cgHVkWvkMs

7 hours ago

Laura Ashley is closing its doors for good in Australia, after a buyer failed to materialise during the administrat… https://t.co/drrQyZ4o0v

10 hours ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered