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.
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.