NEWS

Woolworths Lara 100 per cent leased in record time

Colliers International secures five tenants for retail shopping strip

The Woolworths Lara shopping centre is 100 per cent leased following a record-breaking leasing campaign through sole agents Colliers International.

A fifth and final retailer has joined the strip of specialty shops adjacent to the new supermarket, including Bakers Delight, @7 Grams Café, Senor Manny’s Cantina and Berkeley Hair & Beauty.

Colliers International’s Mike Crittenden and Bernard Canning acted on behalf of Fabcot Pty Ltd, trading as Woolworths.

“The property represented an opportunity to lease a strip of specialty shops on a separate strata adjacent to the new Woolworths supermarket in Lara,” Mr Canning said.

Mr Crittenden said meeting the tenancy quota in such a short amount of time was further affirmation of the Colliers International brand.

“With another shopping centre and 15 specialty shops opening across the road 18 months earlier, our client required a retail leasing partner who would ensure their property would be fully leased, representing the high quality of their brand within a strict timeline,” he said.

“Adding to our challenge was the established Lara High Street retailers averaging significantly lower rent per sqm than what was achieved for the Woolworths centre, and each tenancy having to provide their own amenities due to the strata layout.”

Mr Crittenden said the new shopping strip would create a positive retail environment, contributing to the local economy by keeping expenditure, which was “previously leaking to Corio”, in Lara.

“We are proud to see the new retailers adding further value and choice for the local community,” he said.

“They have created new employment opportunities, along with cutting-edge amenity and north-facing dining zones.”

Mr Canning said Colliers International’s marketing strategy for the property generated more than 100 enquiries from national and independent food, service and beauty operators.
“Our effective marketing channels included onsite signage, listings on online property portals such as commercialrealestate.com.au, realcommercial.com.au and the Colliers International website, a targeted strategy through our customer relationship management database and emails,” he said.

“This was backed up by a great brochure to achieve the best results possible.”

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