Solid progress in Middle Park.

We have been very proud to make solid progress for our client with what had been a very difficult situation. Park Village Shopping Centre had major problems due to having just 1 major tenant, a 2600m2 Coles yet had 40 specialty stores, 11 of which were vacant, and seven leases were about to expire, and an additional 8 stores were experiencing serious trading problems. Foot traffic and retailer morale were low. Following our appointment, we had meetings with the tenants and revised the centre marketing strategy. We put in place a leasing strategy to capitalize on the centre’s strengths, being its range of service providers and the alfresco dining precinct. We negotiated new leases with all 7 business that had lease expiries. We assisted with exit strategies with 5 struggling retailers, all 5 have now been replaced with successful traders on new long leases. We secured a new 380m2 gym, a nail bar, a solicitor, a podiatrist, a printer, a real estate agency, a cafe and a new Thai restaurant. The fruit shop that was struggling was relocated to a new better location on a long lease and sales have improved dramatically. The discount variety store relocated into larger premises on a 10 year lease and has reported an increase in sales above expectation. The existing vet also relocated into new larger premises that had been vacant for 3 years on a new long lease and the gym expanded to include the adjoining premises.

Success at the Sunshine Coast.

Pelican Waters Shopping Village, Pelican Waters Boulevard, Sunshine Coast. Coles, Woolworths + 20 specialty stores. This is another centre that was experiencing long term vacancies (some shops vacant for over 4 years) prior to Rock’s appointment. We implemented a leasing strategy aimed at attracting service providers whose success wasn’t totally dependent on foot traffic. We secured a new vet, a dentist, a real estate, hairdresser and café, and encouraged 3 existing successful businesses to take new longer leases including expanding to take adjoining vacant shops. We assisted with exit strategies with 3 existing tenants 2 of whom who have now been replaced with strong new traders on long leases.