HOT PROPERTY
On the hunt for a booming business location? Check out these areas on the move.
The biggest projects set for top locations.
Choosing the right site for your new business is almost as important as the business model itself. A great location can be the gateway to growth, but on the flip side, poor site selection can put an end to your franchise dream before it begins.
Whether it’s fast food or fitness, it’s all about location. Some business models thrive on specific fittings and formats. For instance, smoothie bars and cafes can work well as kiosk concepts in shopping centres, while print and business services providers will tend to fare better in CBD areas.
If you want to get started strongly, it’s critical that you understand not only who your customers are, but where your customers are.
It’s not always an easy premise, and getting the mix right can often take time and money, but the onus is on you to search out the right area and site selection for your specific model. However, with a wealth of new and exciting developments on the horizon, it shouldn’t be too hard to snag a sizzling hot opportunity.
Here are some of the biggest projects on offer for aspiring entrepreneurs to get into.
CHADSTONE SHOPPING CENTRE
Chadstone Shopping Centre may have already been regarded as the nation’s premier retail and shopping district, but the Melbourne precinct is set to grow significantly.
In December, property firm Vicinity Centres unveiled a development plan worth a staggering $685 million. Under the project, Chadstone will cop an upgraded fresh food precinct, larger dining terrace, leisure precinct and a vastly expanded luxury retail mall.
“Our customers and community have told us they want more dining and entertainment at Chadstone, so our plans include an extended dining precinct and additional fresh food to match their lifestyle needs,” Chadstone director Fiona Mackenzie says.
The move will add an extra 43,000 square metres of trade, but for prospective franchisees the real opportunity lies in the additional 4300 square metres of traditional retail and 1450 square metres of cafe space.
“We’re combining world-class, experience-led retailing, convenient services, office space and accommodation, all enabled by robust public transport connections,” Mackenzie explains.
The monster development allows cafe and retail concepts to capitalise on Australia’s growing love of luxury brands, leveraging increased foot traffic to drive business. But it isn’t the only Victorian precinct set to score a fresh new look.
THE DISTRICT
Housed in Melbourne’s iconic Docklands area, Market Lane is the latest destination turning heads, but it’s far from a new addition. The fresh-food addition can be found in The District, a premier shopping and lifestyle attraction on the banks of the iconic Yarra River.
Opening in 2008 under the name ‘Harbour Town’, The District was a key feature of the developing inner-city region. However, in 2008, new owner Ashe Morgan revamped the centre, injecting $150 million into a fresh name, fresh identity and transformative repositioning.
Now, over 10 years on, it’s time for another facelift.
A recently announced $70 million redevelopment project kicked off with the opening of a new 9500 square metre fresh-food precinct, titled Market Lane.
“Market Lane represents the cultural diversity of the city we live in, and is convenient, friendly and fresh – it’s a new one-stop shop for foodies right in the heart of Docklands Melbourne,” The District Docklands CEO George Karabatsos says.
Anchored by a Woolworths and Dan Murphy’s, Market Lane is expected to pull a number of new and exciting offerings to the growing region, something the locals are eager to explore.
YAMANTO CENTRAL
In the north of the country, soil is being turned on a new sub-regional shopping district, set to deliver 20,000 square metres of retail and dining trade.
Yamanto Central, south-west of Brisbane, is the newest project on the boil, headlining the soon to be completed 25-hectare Yamanto Town Centre development.
Stage one kicked off in November and is being driven by Queensland-based shopping centre owner and manager JMK Retail and development management group DMA Partners.
“Yamanto Central is set to deliver the greater Yamanto district an epicentre with a long-awaited, immersive, social precinct that has been thoughtfully designed to energise the local community to embrace as their own,” JMK Retail general manager Vicki Leavy explains.
It’s a welcome boost to the developing region. The area is predicted to swell dramatically over the next few years, buoyed by an influx of young families and professionals.
Couple that with an existing trade area of
48,000 unserviced residents and it’s not hard to see why retailers are clambering to get a piece of the opportunity.
“As the catalyst for what the Yamanto Town Centre will grow from, this next-generation sub-regional shopping centre is set to be a hive of activity delivering much needed retail amenity to one of the fastest growing regions of Australia,” Leavy says.
The project is expected to open in early 2021.
CASTLE TOWERS
Over in Sydney, locals are flocking to a new retail destination on the city's outer suburbs. In December, stage one of a massive redevelopment project for Castle Towers was unveiled to the public, ushering in a new era for the Castle Hills district.
The $180 million lifestyle hub delivered 53 new stores, introducing more than 20 new retailers to the mix, making life more convenient for the centre’s 50,000 daily visitors.
“Recognising and responding to the evolving needs of the Hills district, the new lifestyle hub will offer a best in class selection of brands for our loyal and trusting customers across food and dining, homewares, tech and services, with an improved offering of everyday retail,” centre manager Eddie Paynter says.
On the food side of the equation, the $180 million development also features a bustling new fresh-food and dining precinct.
Design experts Luchetti Krelle carefully created an immersive dining experience with a cocoon-like centralised spaces, giving shoppers a sense of calm and comfort.
“Our new fresh food precinct will be a destination for the community to shop, taste and interact with each other while the variety of shared seating options that extend beyond the food court will encourage the local community to gather,” Paynter says.
BANKING ON BUSINESS
Across the country, developers and communities are sinking millions into revamped and revitalised retail districts. Added dining precincts and expanded customer experiences are driving growth in new, upcoming and, most excitingly, inexpensive regions.
But regardless of where you plan on opening, the process should be the same.
Have your financial affairs in order, and make sure you understand what you can and can’t afford. Leasing issues can be more than just a headache – they can be a deal-breaker.
Seek advice and be real with your finances.