By Martin Vedris

SYDNEY: Bing Lee has purchased one of Taree’s most prominent retail sites, the former Crazy Prices premises and previous Woolworths shop front, with a significant refurbishment to be undertaken before opening in late 2007.

Bing Lee General Manager Phil Moujaes said the purchase of the new 1,600 square metre retail site, located at 258 Victoria Street, Taree, was part of Bing Lee’s vision to expand further into regional NSW.

“We have seen the benefits of expanding the Bing Lee brand into regional NSW after opening stores, for example in Port Macquarie, where many former Sydney residents have relocated and are familiar with the Bing Lee brand. Expanding our reach into the Mid North Coast is a logical step forward for us,” Moujaes said.

Mal Shultz of Shultz Commercial First National said he was delighted to be able to assist Bing Lee acquire the site.

“This is a major development for Victoria Street and for Manning Valley. Bing Lee has recently opened a number of stores in regional centres and saw Taree as an opportunity to add to its stable of stores.

"Mr Lee initially inspected the building with a view to leasing the property however he later expressed confidence in the potential of Taree and instead purchased the building outright.”

Mr Shultz noted there is an increase in major retailers including Aldi and Bunnings who are now beginning to include Taree and the Manning Valley regions in their strategic growth plans.