With redevelopment underway for 10 locations.
Home Consortium is redeveloping the former Masters centres into a national retail portfolio comprising three different types of shopping centres based on differing local demographics, consumer demand, existing retail supply and regional planning considerations.
There will be five centres opened in Q4 2017 in Rutherford NSW, Penrith NSW, South Morang, VIC, Tingalpa, QLD and North Lakes, QLD. A further five centres to be open before Christmas this year will be announced over the coming weeks.
Retailers that may open within the centres include Bing Lee, JB Hi-Fi, Nick Scali and The Good Guys, among others.
An artist impression of Home Consortium in Penrith, NSW
Home Consortium chairman, David Di Pilla, said, “Home Consortium is a best of brand retail proposition that has been conceived and created in partnership with leading national retailers. The key focus is a convenient, value for money retail experience.
“The leasing success and ongoing lease enquiries we have received reflect the fact that retailers have been able to work with us as a single developer/landlord to plan and secure their store roll-out and growth strategies across a number of Australia’s key growth regions nationally.
“Home Consortium has been encouraged by the enthusiastic and constructive response by local councils and state planning authorities to our redevelopment proposals. We are pleased with the progress we continue to make given the wide range of locations and planning authorities involved.”
After a detailed tender process of retail managers, Cushman & Wakefield has been appointed as the national retail centre managers. In addition, a leasing agent panel has been finalised which includes the following parties: National Agent – Colliers International, Large Format Retail (National) – QPA, WA – Vend Property and SA – Leedwell Property.
By the time all centres are open and trading, it is expected that up to 8,000 retail jobs will have been created across Australia.
Home Consortium is working with a panel of four construction firms on the first 10 centres that will open before Christmas this year. Significant job creation is also anticipated during the construction and repurposing phase of the sites over the next 18 months.