Several attempts by owners of a large greenfield site (12,000sqm approx) to develop a new Shopping Centre with approx 17,000sqm of lettable area had failed to bear any fruit.
The failed attempts led them to sell the site to one of our clients.
On acquiring the site, our clients attempted to pursue the same plans as the previous owners.
They even approached the "big end of town" for assistance.
To our client's dissatisfaction, they too could not make the development work, or attract any suitable anchor tenants.
The project was plagued with the same problems as before.
Struggling with what was becoming an impossible project - our clients asked us to have a look at it for them.
On seeing their plans our response was instantaneous....
"No wonder you're not having any success, your boxes are all wrong"
To our clients surprise, they were both intrigued and excited at the prospect that we managed to see something that everyone else had missed.
The hope that they may now realize a return on their investment brought not only relief but also a new level of respect for our capabilities.
We then set about redesigning the centre's layout, incorporating space for major anchor tenants, specialty retailer mix, back of house facilities, customer car parking and access to the centre.
We even incorporated the potential for an office tower and its integration with the centre.
Using our industry contacts, we then approached prospective anchor tenant's with our new planned layout. They became very interest in our plans, and as a result we began negotiations with the intent of securing the anchor tenants.
This included major tenants who had previously rejected the project in its original format.
Our new design layout of the centre was now making commercial sense to major tenants and our clients as well.
Having secured keen interest from key anchor tenants, our clients decided that it was time to divest and sell the development with our plans to institutions with the financial backing to bring such large projects to life.
As a result of our efforts, the development site with our proposed plans was sold & our clients realised a substantial return on their investment.
If you would like to learn more about this particular project and how we can help you with your commercial retail property, please feel free to contact us.
Bluemarq Commercial has extensive experience in retail leasing, managing & developing commercial property.
Ph: 0401 138 814