Property company, M/Group, has submitted a development application (DA) to the City of Albany that could introduce a Bunnings Warehouse to the Chester Pass Mall shopping precinct.

Approval of the application would see the existing Bunnings currently located on Albany Highway relocate to a 14,000sq.m purpose-designed space. A number of additional improvements to Chester Pass Mall would also be made, including carpark shelters and upgrades by other retailers.

M/Group Director, Mr James Collis, said introducing a new Bunnings to the area will be a welcome addition to the precinct and could expand Chester Pass Mall’s its catchment across Great Southern region.

“In addition to the 35,000 people within Albany, we anticipate that families throughout the Greater Southern region will travel long distances to shop here. This puts Chester Pass Mall in an extremely unique position and could provide benefits to all businesses in Albany,” he said.

“The approval of our development application would create a shopping experience that complements surrounding retail found along Chester Pass Mall and offers improved traffic management and parking to home improvement customers.”

Bunnings Director of Property Andrew Marks said should the development application be approved the new store will provide Albany residents with an even wider range of home improvement and outdoor living products in a bigger and better store.

“The new Bunnings Warehouse development will feature a fully enclosed timber yard, nursery, more car parking for our customers as well as offering job opportunities for local residents.

“All of our team members from the existing Albany store will transfer to the new store once complete and will continue to be on hand to provide customers with expert advice on their D.I.Y projects.

M/Group National Shopping Centre Manager, Ms Cherie Daly, said she is confident that a Bunnings in the area will be welcomed by the community.

“I’ve no doubt that a larger Bunnings will be welcomed by both the local and extended community,” she said.

“Should our DA plans be approved, Albany would see an injection of $15 million of investment during the construction phase alone.”

While a Chester Pass mall centre refurbishment is also being strategised for the longer-term future, plans are yet to be confirmed.

The first in a series of anticipated improvements promised by the new owners of Pialba Place has been announced. Rivers Australia has signed a five-year lease agreement and is scheduled to arrive at the centre in or around August this year.

Rivers Australia is one of Australia’s most recognised fashion brands with stores located across the country.

Mr James Collis, Director at M/Group who is the new centre owner, said the new lease agreement is an early indication of great things to come, as M/Group takes further steps to evolve Hervey Bay’s local community shopping hub.

“When M/Group acquired Pialba Place in February, it did so on the premise of improving the shopping experience for customers with the introduction of a broader retail mix and the creation of an environment to suit a diverse demographic,” he said.

“It’s clear that our vision has already caught the attention of significant retail players such as Rivers. This is not only great for the local community, but also a wonderful indication of things to come.”

Rivers will occupy a space on the left-hand side of the Big W Mall and will complement the affordable fashion offer at the Centre.

Its arrival will prompt a series of relocations of existing tenants and Centre Management is working to ensure minimal disruption.

Group Centre Manager, Ms Cherie Daly, said Rivers is the first of several initiatives being introduced at the Centre, and the community can expect more exciting announcements over the coming months.

“We are extremely grateful to the commitment of our existing tenants who play a significant role in helping us deliver a great outcome for the shopping centre,” she said.

“In the coming months we hope to be announcing more new retailers and plans for a refurbishment. The company has developed a good track record in this regard and we’re so pleased that the Hervey Bay community will be reaping the benefits.”

M/Group currently owns and manages Wodonga Plaza in Victoria and Chester Pass Mall in Albany Western Australia, which both have recently received significant investment through development planning and refurbishment, attracting new tenancies and an improved shopping experience.

M/Group has acquired a third sub-regional shopping centre asset, Pialba Place Shopping Centre in Hervey Bay, QLD. The acquisition was made as part of an investment model that has already proven highly successful in the first two of its shopping centre assets.

The Centre was acquired in an off-market transaction for $36million, of which $22million was raised through a company-managed property investment fund. The purchase price represents a yield of approximately 8% on passing net income. The asset is 3.5 hours drive from Brisbane at the gateway to Fraser Island and located on a 4.38 hectare site that occupies an island block surrounded by three street frontages.

M/Group Managing Director, Mr Lloyd Clark, said the site was identified for its development potential and possesses the same return prospects as the company’s current shopping centre portfolio.

“Our model is to acquire assets that provide strong income returns to our investors whilst implementing strategies that reposition the assets. We first look to acquire assets with solid fundamentals and overriding lease covenants that also offer value add opportunities that can improve both the shopping experience and investment returns,” he said.

“The model has already proven successful at Wodonga Plaza in Victoria, which recently recorded an independent valuation uplift of $10.5million in just over a year. We also expect similar results from our WA Asset in Albany, Chester Pass Mall, following the announcement of development plans and an agreement with an ASX National retail group to relocate its premises to the Centre.
Wodonga Plaza was acquired for $ 43.5 million in 2017 and is now operating at almost 100% occupancy. It’s increased Weighted Average Lease Expiry (WALE) has gone from under 4 years to just over 6 years.

Albany’s Chester Pass Mall received a valuation uplift of $5 million from its original purchase price of $20million, again on the back of a ‘hands-on’ leasing strategy. M/Group is expecting a further significant valuation up-lift following the agreement with an ASX National retail group, as well as pursuing other tenant negotiations to further improve amenity at the Centre.

M/Group Director, James Collis, who manages the company’s assets, said M/Group has already identified a number of opportunities at Pialba Place that could further increase the shopping centre’s capital value in the short, medium and long term, including a gap analysis that provides several opportunities for future retail.

“Pialba Place is extremely well located and backed by a good local economy, growing population and a number of blue-chip tenants, including Coles and Big W. This, of course, is pivotal in providing secure long-term income,” he said.

“M/Group is already working on plans to reposition the Centre, including investing in a refurbishment. We take a very hands-on management approach to back filling and renegotiating tenancies for immediate gains.

Settlement of Pialba Place took place Friday, 8 February 2019.

M/Group incorporates expertise in built form and land development, construction and building maintenance, funds management and property management.

Christmas will come early at Wodonga Plaza with the announcement that even more new retail outlets will be open by early December.

The local community shopping hub has announced that Rivers and Ally Fashion will be opening, as well as Mastercut Meats – all opening in the coming weeks.

Centre Manager, Ms Cherie Daly, said the Centre is literally buzzing and its new retail tenancies will be great for the community in terms of employment opportunities and shopping variety leading up to Christmas.

“With the arrival of Rivers and Ally Fashion, Wodonga Plaza secures its place as a verified fashion destination, complimenting the broad range of fashion retail already in the Centre with baby wear through to menswear and women’s fashion,” she said.

“Our 140-seat food court is also taking shape with Quick Kababs who opened this week, laying claim to the first of three new takeaway outlets to arrive in the Centre. It all speaks volumes for the Wodonga community and the confidence these businesses have in our region.”

The activity continues with Chemist Warehouse now open having taken over the Amcal Pharmacy, and extended leases in place from Millers, Autograph and Noni B. Harmony Massage will move to a brand new location next to Jay Jays, allowing for an expansion of Goldmark in the wellness centre’s previous space which will include a brand new fit out in the New Year.

Wodonga Plaza’s fashion offer will also be supplemented in the lead up to Christmas with Style Supply Co pop up arriving in December.

Mr James Collis from centre owner M/Group, said he is thrilled at how the company’s vision for the centre has come together, and more so by how much the community and tenants have embraced the company’s $4million refurbishment.

“Who would have thought just 12 month ago there would be so much activity and excitement taking place at Wodonga Plaza. We’re so pleased to have had the opportunity to shine a light on the importance of this regional shopping centre hub to attract national brands, such as Rivers, Ally Fashion and CottonOn Mega, to give the community even more options,” he said.

“As we move towards Christmas, Wodonga will now have an even greater environment to enjoy the festive season. We thank the community and our tenant networks for their support and belief in the vision.”

Christmas festivities will kick-off on 8^th December with the arrival of Santa and a free Christmas craft workshop being held between 11am and 2pm on Saturday 15 and Sunday 16 December, 2018.

The community is invited to follow the Wodonga Plaza Facebook Page and/or subscribe to its newsletter via www.wodongaplaza.com.au for regular updates.