Breathing new life into existing commercial properties can be as simple as repositioning.
The Bayside council’s rezoning eight years ago has resulted in 100ha of commercial land being repositioned through 31 building projects, creating 333 new businesses premises.
Nichols Crowder Managing Director Matt Nichols was instrumental in repositioning the Bayside Business District, and is passionate about creating jobs. “The successful Bayside rezoning illustrates the economic benefits repositioning, with new businesses employing 1500 people replacing old businesses that had a mere 120 employees”, says Nichols.
When large commercial properties move out they leave vast empty spaces to fill and repositioning can be the key. The old Bunnings at 760 Princes Highway in Springvale recently moved to a larger development nearby, leaving an enormous property empty with the challenge of finding a suitable business to take over the premises.
With a vision and an understanding of subtle rezoning changes that now allow almost any commercial and industrial use, Nichols alerted one of his clients to the future potential.
“With 40,000 cars driving past the premises daily on the homeward bound side, 350 car parks, and a price just above the industrial land value that included a free 8,000sqm shed, this was a unique opportunity to buy, reposition, and reap the rewards,” says Nichols.
The old Bunnings property will now become home to a new complex of retailers and showrooms, providing high quality local shopping for the local community.
Tenancies will be announced soon with Nichols Crowder taking the time to create the right mix of businesses. After confirming bookend tenants at either end of the complex first, neighbouring businesses are then positioned carefully to optimise the shopping experience for customers.
How to reposition a commercial property can appear to be clear but also less obvious, with a 13,000sqm industrial building recently transforming from a waste disposal centre into a food manufacturing complex.
“That was definitely our most diverse repositioning project yet,” says Nichols. “It shows how innovative you can be when it comes to repositioning for better business outcomes.”
For further enquiries please contact:
Nichols Crowder Property Solutions
358 South Road, Moorabbin VIC 3189