April 29, 2016

760 Princes Highway, Springvale

Client
Syndicate of high net worth investors.

Property
Imagine you have a large high clearance shed, on a main road and it had just become vacant. Unrealised by many was also a subtle rezoning to Commercial 2 which in effect allows almost every commercial and industrial use.

760 Princes Highway, Springvale was a former Bunnings store. Bunnings had relocated to a larger development down the road.

What needed to be solved
Nichols Crowder put the idea to the client to buy it as he could see how the property could be repositioned.

“100,000 cars pass daily, it is on the preferred homeward bound side, 350 car spaces and the land value was marginally above industrial land values, let alone the fact it had an 8,000m² shed for free.”

 

Solution
The property will be repositioned to create a retail and showroom complex, with a focus on the female customer base and creating the right tenancy mix. We started with the “bookend tenancies” at either end of the centre.

This means we can work inwards from here to ensure the tenancy mix aligns with adjoining users. We introduced the planner and architect, as the proposed centred need planning and building approvals.

Outcome

"The major draw bookend tenancies were Aldi Supermarket and Caltex who both entered into long term leases."

Then the property was targeted by an offshore group who purchased the property for an undisclosed sum above $15 million. The property was purchased by our clients for $8.6 million only 12 months earlier with consultant fees and finance costs as the only outlay.

To view the property video, visit the media section on our website: www.nicholscrowder.com.au