Sunshine Plaza Shopping Centre in Melbourne’s western suburbs has undergone an extensive $1million upgrade, enhancing aesthetics and facilities and attracting a raft of new tenants.
Sunshine Plaza has been on the receiving end of an upgrade which incorporated exterior painting, installation of lifestyle imagery and television monitors throughout, new interior shopfronts, an upgrade of mall furniture and plants and installation of new mechanical plant and equipment for air-conditioning and heating.
Exclusive leasing agent Mike Crittenden, of Colliers International, said the landlord had invested in excess of $1million to give the centre an overhaul, which had made it particularly attractive to prospective new tenants.
“These upgrades have added new life and colour to this vibrant community hub, and have attracted significant retailer interest in joining the centre,” Mr Crittenden said.
“We are excited to have secured Evocca College who are taking 455sqm along with a number of new specialty retailers, occupying a total of approximately 1,000sq m, in the last six months.
“Evocca College offers nationally recognised and accredited training, designed to increase your skills and develop relevant industry knowledge. We are confident that Evocca College will significantly boost activity in the centre benefiting all other existing retailers.
“It shows that the right capital investment by landlords to retail assets significantly assists in securing tenants. This increase in activity has been supported by continued low interest rates, an increase in retail turnover of 6.2% over the 12 months to March 2014 and continued Victorian population growth by 2.0 per cent in the year to 30 Sept 2013.”
Rents are understood to be circa $550/sq m (net).
Situated just 12km from the Melbourne CBD, the centre is currently home to a number of leading retailers including Woolworths, ALDI, Best & Less, Medical One, NQR, The Reject Shop, Commonwealth Bank, Big Fields, Rivers and AMCAL, and there is parking for 877 vehicles. There is a total net lettable area in excess of 15,000sq m.
"Sunshine Plaza Shopping Centre has a prime, main street presence in the growing Melbourne suburb of Sunshine, and is a focal point for the local community,” Mr Crittenden said.
“The diverse mix of retailers within the centre ensures a solid and loyal custom drawn from the local vicinity, which has a population of approximately 85,000 people.
“Thanks to the passionate support of centre management, Sunshine Plaza is an active community member, supporting local festivals, events and initiatives such as the Brimbank Festival, The Lantern Festival and Youth Now.”
Mr Crittenden said the vacancy rate at Sunshine Plaza had now fallen to less than 5 per cent.