Amid the COVID-19 Pandemic national safety equipment retailer RSEA has opened their 55th store at Clyde North Lifestyle Centre
RSEA secured 1,013 sqm and join ALDI, Repco, PETstock, Salvo’s Stores, Hungry Jacks and more in the newly completed 8,500 sqm Large Format Retail development. Bunnings also trading with a 16,634 sqm warehouse immediately adjoining the lifestyle centre.
The Clyde North Lifestyle Centre is a $28 million development that is positioned at the gateway of MAB Corporation’s $150 million Element Park industrial development. Element Park has been received exceptionally well by the market and comprises more than 70 lots including Bunnings and Clyde North Lifestyle Centre.
Tom Perkins of Leedwell Property who has handled the leasing of the Clyde North Lifestyle Centre said, “RSEA were attracted to the exposure that the showroom presented and the residential growth in the catchment. The strong residential growth will bring with it a lot of construction and trades”.
The Clyde North Lifestyle Centre is surrounded by substantial residential estates such as Berwick Waters (3,400 lots), Meridian (1,600 lots) and Clydevale (1,000 lots). A report prepared by Deep End Services forecasts that the rate of population growth within the catchment area will average 5,300 residents per annum until at least 2030 with the catchment area population increasing by 63,715 to 156,790 in 2030. This is equivalent to a city the size of Wagga Wagga added to the catchment over the course of the next 12 years.
Chris Parry of Leedwell Property said “Despite COVID-19 MAB have been successful in their leasing, the centre has one final vacancy remaining. MAB have secured a long list of national brands and we are confident of securing a similar outcome with the final 1,023sqm showroom”.
MAB’s broader Element Park development has set strong benchmarks for both retail and industrial property. Charter Hall recently paid a strong premium for the Bunnings at $42.3 million representing a tight yield of circa 4.5%. Rents Clyde North Lifestyle Centre have also performed well ranging from $240-$275sqm for the showrooms.
Chris Parry, Partner