Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

&nbsp;

&nbsp;

&nbsp;

Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Supermarkets

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A standalone Coles supermarket, in the bayside suburb of Mentone, has sold on the tightest Victorian yield of 2019.
Located at 81 Mentone Parade, the recently refurbished property comprises a freestanding 2,854 square metre supermarket, with access to just over 150 council car spaces.
The standalone Coles supermarket sold for $15.3 million on a 3.4 per cent yield, the best vendor yield since Coles Clayton sold on a 2.57 per cent yield in March 2018.
The property was sold under a 10 year lease from January 2017, with a further 10 year option, to Coles at a current rental of $519,785 per annum net.
CBRE Director Mark Wizel, who managed the sale campaign with Justin Dowers and Joseph Du Rieu, said enquiry had been `through the roof’ with two Chinese investors - one the eventual purchaser - flying in for the auction.
Mr Wizel said the last three bidders – all Chinese – who took the bidding from $12 million to the close, were introduced through CBRE’s Asian Services Desk headed by Lewis Tong.
"This year we have seen yields hover around 5.5 per cent following an average closer to 4.5 per cent over 2018 but this result unambiguously indicates demand for this product remains very strong,’’ Mr Wizel said.
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Coles Mentone sold on tightest Victorian yield of 2019

<html><body>
EXPERT OBSERVER
 
On the way home, you wander into the supermarket for a loaf of bread. But before you reach the bread aisle, you drop in your prescription at the supermarket pharmacy. Shopping done, you pick up your pills on the way out.
Across the US, UK and mainland Europe, supermarket pharmacies are becoming the norm. But in Australia, they’re banned.
The Commonwealth government is negotiating the <a href="https://www1.health.gov.au/internet/main/publishing.nsf/Content/New-7th-Community-Pharmacy-Agreement" target="_blank">seventh Community Pharmacy Agreement</a> with pharmacists, which outlines how community pharmacy is delivered over the next five years, who delivers it and where.
So could pharmacies in supermarkets be an option for Australia?
<h2>How common are they?</h2>
Overseas, pharmacies have been in supermarkets for decades. In the UK, supermarkets like <a href="https://www.asda.com/about/instore/pharmacy" target="_blank">ASDA</a>, <a href="https://assets.publishing.service.gov.uk/media/56e1a52d40f0b6037900001d/Tesco_hearing_summary.pdf" target="_blank">Tesco</a>, <a href="https://my.morrisons.com/help/information/store-services/pharmacy/" target="_blank">Morrisons</a> and <a href="https://www.sainsburys.co.uk/webapp/wcs/stores/servlet/gb/groceries/get-ideas/our-instore-services/--sainsburys-pharmacy?storeId=10151&amp;langId=44&amp;krypto=3Yh4GQ%2BNdq51nNqI8mxTmkZXe9Ggb9L33GTajzfwdGXhiQftJrJArZAib4hw%2Bs8JTxwLH2HfrQCChmYTBIAbS7BEz2U5FalmUXfV%2FK4wt6OhdFjJrMlhiZMBhuu2s45yNiOQDTkMs%2BONJUT5MWYlSGhWL5pH5YQM9gRqD0wFloM%3D&amp;ddkey=https%3Agb%2Fgroceries%2Fget-ideas%2Four-instore-services%2F--sainsburys-pharmacy" target="_blank">Sainsbury’s</a> have them. And so do <a href="https://www.propertyobserver.com.au/https://www.walmart.com/cp/pharmacy-services/1088604" target="_blank">Walmart</a>, <a href="https://www.kroger.com/topic/pharmacy" target="_blank">Kroger</a> and <a href="http://www.publix.com/pharmacy-wellness/pharmacy/pharmacy-services" target="_blank">Publix</a> in the US.
Canada’s largest supermarket Loblaw <a href="https://www.thestar.com/business/2010/05/04/loblaw_plans_drugstore_expansion" target="_blank">announced plans</a> in 2010 to expand more aggressively into the pharmacy business. It later bought pharmacy chain <a href="https://www.newswire.ca/news-releases/loblaw-companies-limited-completes-acquisition-of-shoppers-drug-mart-corporation-514006661" target="_blank">Shoppers Drug Mart</a>.
<h2>Arguments against</h2>
The Pharmacy Guild of Australia argues pharmacies in supermarkets means community pharmacies would be unable to compete, supermarkets would put shareholders’ interests ahead of patients, and consumer protection would be lost. Such critics argue supermarkets would push smaller players out of the market, limiting consumer choice and access.
The Guild also suggests it would be hypocritical for supermarkets to run pharmacies when <a href="https://www.guild.org.au/news-events/news/2013/12/19/supermarkets-and-health-care-don-t-mix" target="_blank">they rely on</a> cigarette and alcohol sales.
Overseas, there is public support for small, independently run community pharmacies over supermarket-owned ones.
For instance, in 2013 <a href="https://www.cheshire-live.co.uk/news/chester-cheshire-news/residents-rallied-behind-helsby-pharmacy-5191264" target="_blank">almost 2,000 people petitioned against</a> supermarket giant Tesco, fearing an existing pharmacy across the road would be “bulldozed” out of business.
<h2>Arguments for</h2>
The main arguments for pharmacies in supermarkets seem to be they would offer the public a <a href="https://www.retailwire.com/discussion/would-you-go-to-walmart-to-see-a-doctor/" target="_blank">cheaper and more convenient service</a>.
For instance, <a href="https://corporate.walmart.com/newsroom/2005/01/04/wal-mart-unveils-24-hour-pharmacies" target="_blank">Walmart</a> employs more than 10,000 pharmacists across 3,000 retail pharmacies throughout the US and launched a 24 hour pharmacy service over a decade ago. Then it began dispensing generic medications for as <a href="https://corporate.walmart.com/newsroom/2006/09/20/wal-mart-cuts-generic-prescription-medicines-to-4" target="_blank">little as US$4</a>.
Supermarkets also seem committed to supporting pharmacies in store, despite tough times. In 2019, Tesco, which runs 300 in-store pharmacies, <a href="https://www.chemistanddruggist.co.uk/news/tesco-pharmacy-staff-9000-job-cuts" target="_blank">reported</a> no pharmacy staff positions would be lost when 9,000 store positions became redundant.
There are also <a href="https://www.news.com.au/finance/business/retail/a-chemist-can-own-a-supermarket-but-supermarkets-cant-own-a-pharmacy/news-story/fe97c42c3d2b55bbb613559cbf194cc1" target="_blank">claims of hypocrisy</a>. Why does existing Australian legislation prevent a supermarket from owning a pharmacy, but not a pharmacy from owning a supermarket?
<h2>What might work in Australia?</h2>
If Australia follows international trends, we might consider two models:
<ul>
<li>straight-out ownership, where a supermarket owns a chain of pharmacies and employs pharmacists to run them, or</li>
<li>a strategic alliance, where a pharmacy chain, like Chemist Warehouse, has smaller versions of its stores inside a supermarket.</li>
</ul>
<a href="https://images.theconversation.com/files/292346/original/file-20190913-35596-1bt65lt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/292346/original/file-20190913-35596-1bt65lt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a> In-store pharmacies might be convenient, but is that enough to convince policy makers they’re right for Australia? <a class="source" href="https://www.shutterstock.com/image-photo/pharmacy-pickup-area-237587" target="_blank">from www.shutterstock.com</a>
Examples of straight-out ownership include Sainsbury’s in the UK and Walmart in the US. This arrangement allows them to sell these assets at a later stage.
This is what happened with Sainsbury’s, which <a href="https://www.theguardian.com/business/2015/jul/29/sainsburys-sells-pharmacy-business-celesio-125m" target="_blank">sold its 281-store pharmacy business</a> to Celesio, the owner of the Lloyds Pharmacy chain, for £125m in 2015. Sainsbury’s indicated the move would enable further growth, while extending their pharmacy services to customers.
In an example of a strategic alliance, UK pharmacy chain Boots and supermarket Waitrose <a href="https://www.propertyobserver.com.au/https://www.campaignlive.co.uk/article/experts-weigh-marketing-benefits-waitrose-boot-tie-up/941645?src_site=brandrepublic" target="_blank">agreed in 2009 to stock each other’s products</a>.
<a href="https://www.boots.com/stores/6313-lichfield-waitrse-ws13-6rx" target="_blank">Boots supplied</a> health care, pharmaceutical products and services, like flu jabs and medical check-ups to Waitrose, and Waitrose supplied food to Boots. Pharmacies in 13 Waitrose stores were also re-branded “Boots Pharmacy”.
 
However, existing legislation prevents either option in Australia unless changes are made in the new Community Pharmacy Agreement. This is because <a href="https://www.guild.org.au/news-events/news/forefront/v08n16/ownership-a-foundation-stone" target="_blank">current pharmacy ownership rules</a> prevent supermarkets or anyone (other than a pharmacist) from owning a pharmacy.
If ownership rules were lifted, but <a href="https://www1.health.gov.au/internet/main/publishing.nsf/Content/DDB409EBB18FCE8FCA257BF0001D3C0C/%24File/Pharmacy%20Location%20Rules%20Applicants%20Handbook%20December%202018.pdf" target="_blank">location</a> rules remained, supermarkets would be prevented from operating pharmacies opening within 1.5km of one another.
This means if Coles had an in-store pharmacy, then Woolworths across the road, could not operate one, and vice versa. And if there was already a pharmacy in the neighbourhood, neither could open one, even if ownership rules were relaxed.
<h2>Are we set for regulation or liberalisation?</h2>
The <a href="https://www.guild.org.au/" target="_blank">Pharmacy Guild of Australia</a>, which represents owners of community pharmacies, and the <a href="https://www.psa.org.au/" target="_blank">Pharmaceutical Society of Australia</a>, which represents individual pharmacists, both support current ownership rules — strong regulation over ownership and location.
However, pharmacy giant Chemist Warehouse and Ramsay Health Care (which owns pharmacies as well as private hospitals), <a href="http://competitionpolicyreview.gov.au/files/2015/03/Competition-policy-review-report_online.pdf" target="_blank">say</a> ownership rules are redundant and ineffective. And they’re not alone.
Critics of the current Community Pharmacy Agreement <a href="https://grattan.edu.au/wp-content/uploads/2018/05/208-2016-09-23-grattan-institute-submission.pdf" target="_blank">argue</a> over-regulation of pharmacies, particularly surrounding ownership and location, limits competition and growth.
And in 2015 the <a href="http://competitionpolicyreview.gov.au/final-report/" target="_blank">Harper Report</a> into competition policy recommended:
[…] pharmacy ownership and location rules should be removed in the long-term interests of consumers. They should be replaced with regulations to ensure access to medicines and quality of advice regarding their use that do not unduly restrict competition.
European countries seem to be moving towards deregulation. In 2017 Italy <a href="https://www.hlregulation.com/2017/08/02/italy-opens-the-door-to-corporate-ownership-of-pharmacies-a-revolution-for-the-italian-pharma-distribution/" target="_blank">passed legislation</a> to allow corporate entities to own a pharmacy business, and also increased the number of pharmacies a proprietor may own.
<a href="https://images.theconversation.com/files/292339/original/file-20190913-190044-1tczc4s.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/292339/original/file-20190913-190044-1tczc4s.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></a> In the US, in-store pharmacies in supermarkets are common, convenient and can offer cheaper products. But current Australian pharmacy ownership rules ban them. <a class="source" href="https://www.shutterstock.com/image-photo/shopping-basket-pills-concept-buying-drugs-1289871286?src=-1-2" target="_blank">from www.shutterstock.com</a>
So what are the impacts of deregulation? If we look at <a href="https://www.sciencedirect.com/science/article/abs/pii/S0168851009002875" target="_blank">evidence</a> from Europe, when the UK relaxed ownership and location rules, pharmacies operated more efficiently. Pharmacies also had more freedom to set prices for over-the-counter products and offered a wider range of services.
Yet, the same research also found where there was stronger regulation, such as in Spain, consumer access to pharmacy improved, as new pharmacies were opened based on geographic, demographic or needs-based criteria. Simply, if there was already one pharmacy servicing a neighbourhood, they didn’t need another.
<h2>Is Australia likely to see supermarket pharmacies?</h2>
Whether Australia is likely to see supermarket pharmacies any time soon is open to debate.
In a speech to the Pharmacy Guild’s national conference in 2019, federal health minister Greg Hunt <a href="https://www.guild.org.au/news-events/news/2019/minister-hunt-delivers-support-for-community-pharmacy" target="_blank">said</a> there would be no change to the ban on locating pharmacies within supermarkets.
However, other powerful groups are calling for change. These include the <a href="https://ama.com.au/media/new-working-group-look-pharmacy-agreement" target="_blank">Australian Medical Association</a>, which wants the regulations changed to allow broader ownership of pharmacy businesses.
If supermarkets were to guarantee <a href="https://www1.health.gov.au/internet/main/publishing.nsf/Content/New-7th-Community-Pharmacy-Agreement" target="_blank">sufficient controls</a> — such as to ensure the safe use of medicines, staff were properly trained and there were safeguards to ensure equitable access for elderly patients, Aboriginal and Torres Strait Islander people, particularly people living in rural and remote areas — it would be hard to argue for existing rules about pharmacy ownership and location.<img src="https://counter.theconversation.com/content/122640/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/gary-mortimer-1322" target="_blank">Gary Mortimer</a>, Professor of Marketing and Consumer Behaviour, <a href="http://theconversation.com/institutions/queensland-university-of-technology-847" target="_blank">Queensland University of Technology</a> and <a href="https://theconversation.com/profiles/louise-grimmer-212082" target="_blank">Louise Grimmer</a>, Lecturer in Retail Marketing, Tasmanian School of Business and Economics, <a href="http://theconversation.com/institutions/university-of-tasmania-888" target="_blank">University of Tasmania</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/a-loaf-of-bread-and-a-packet-of-pills-how-supermarket-pharmacies-could-change-the-way-we-shop-122640" target="_blank">original article</a>.
Main photo: www.shutterstock.com
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j.ballantyne1990-6AQqhLzZaK

A loaf of bread and a packet of pills: how supermarket pharmacies could change the way we shop

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Kaufland, the German supermarket chain, is applying to open a 'Hypermarket', one of its first Australian stores, in Toowoomba.
The Toowoomba Chronicle reported that the company submitted a DA to the Toowoomba Regional Council last Friday.
The proposed site for the Hypermarket, which is just a supermarket by another name, is 353-359 Anzac Avenue.
It will be located on the corner of Anzac Avenue and Carrel Drive at Harristown next to Bunnings Warehouse.
Kaufland is a subsidiary of the Schwarz Group, the world's fourth largest retailer and plans to open its first Australian store in 2021, with around a 12 locations planned around the country.
<div class="entry-content">
It has previously secured store locations in South Australia and Victoria.
In Melbourne local businesses protested the development applications filed by the company.
The application is described as a “shopping centre hotel and food and drink outlet”.
It already has more than 1,200 locations in Europe.
Kaufland is known as a key rival for Aldi overseas, driving speculation its launch in Australia will be bad news for the German chain, which controls just over 10% of the local grocery market.
Initial estimates of Kaufland’s likely impact on Australia’s $103 billion supermarket industry suggest the retailer could amass $480 million in local revenue, according to Morgan Stanley analysts<a href="https://www.smartcompany.com.au/industries/retail/make-fortune-dick-smith-warns-kaufland-giant-injects-another-60-million-expansion/" target="_blank" rel="noopener"> </a>
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German supermarket chain Kaufland set to break into Toowoomba

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The Milson Point's QE Foodstores premises have been sold for $6 million.
QE has other stores in Balmain, Camperdown, Darlinghurst, Newtown, Randwick, Waterloo and Waverley.
The shopfront at <a href="http://commercialpropertysearch.savills.com.au/0bbda22c-73bc-e811-80e6-005056816353/Sale/Milsons-Point/88-Alfred-Street" target="_blank">88 Alfred Street</a> was listed with $5.5 million hopes in November, through Savills agents David Hickey, Tom Tuxworth and Nick Tuxworth.
They expected interest from local, interstate and offshore investors.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/11/QE2.jpg" alt="">
The property has a new 10 year lease, with two five-year options.
On its listing Hickey said the lease and strong annual increases will attract buyers looking for secure, super-prime investments in the sub $10 million category. 
“Throughout 2018, we have seen a weight of capital chasing retail properties in prime locations, particularly in highly populated and affluent inner-urban and suburban areas," Hickey said.
“Investors are certainly looking for quality over quantity in the current market, and 88 Alfred Street fits that category.”  
“QE Foodstores took a strategic view on the local Milsons Point, Kirribilli, McMahons Point and Blues Point precinct when they noticed the community had been starved of a quality supermarket for a very long period of time,” Hickey said.
“The business decided to venture to Sydney’s North Shore and open its ninth grocery store to cater to this pent-up demand for fresh, quality and artisan produce.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/11/QE3.jpg" alt="">
“At 88 Alfred Street, the store benefits from being situated in Sydney’s second most-liveable suburb, only a 10-minute walk from the Sydney CBD and North Sydney.” 
Hickey said QE Foodstores appealed directly to a growing number of affluent Baby Boomer and Millennial shoppers, “who shop more frequently with smaller basket sizes”. 
“These shoppers demand personalisation, special services and quality products, which is what QE Foodstores has strived to deliver since opening its first store 16 years ago,” he said.
“The owners’ goal is to keep growing and provide a great range of products and services to many more Sydney neighbourhoods.
“They are constantly on the lookout for new sites in the inner city and east, and they’re now very seriously considering additional sites on the Lower North Shore.”
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jrobinson-rf4aSBido9

Boutique grocer QE Foodstores premises sold by Savills in Milsons Point

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A recently opened boutique grocer in Sydney’s Milsons Point has been listed with $5.5 million hopes.
The property at 88 Alfred Street is run by QE Foodstores and is the group’s ninth offering, with other stores in Balmain, Camperdown, Darlinghurst, Newtown, Randwick, Waterloo and Waverley.
It is set to go under the hammer in early November.
Interest is expected from local, interstate and offshore investors, said Savills Australia’s David Hickey, Tom Tuxworth and Nick Tuxworth.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/10/88%20Andrew%20Street%20Milsons%20Point%20-%20internal%203.jpg" alt="">
“The new 10-year lease with two five-year options to renew and strong annual increases will attract buyers from local, national and international markets looking for secure, super-prime investments in the sub-$10 million category,” Hickey said.
“Throughout 2018, we have seen a weight of capital chasing retail properties in prime locations, particularly in highly populated and affluent inner-urban and suburban areas.
“Investors are certainly looking for quality over quantity in the current market, and 88 Alfred Street fits that category.” 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/10/88%20Andrew%20Street%20Milsons%20Point%20-%20internal%202.jpg" alt="">
He said QE Foodstores owners had recognised a gap in the Lower North Shore retail market for a boutique grocery store.
“QE Foodstores took a strategic view on the local Milsons Point, Kirribilli, McMahons Point and Blues Point precinct when they noticed the community had been starved of a quality supermarket for a very long period of time,” Mr Hickey said.
“The business decided to venture to Sydney’s North Shore and open its ninth grocery store to cater to this pent-up demand for fresh, quality and artisan produce.
“At 88 Alfred Street, the store benefits from being situated in Sydney’s second most-liveable suburb, only a 10-minute walk from the Sydney CBD and North Sydney.
“These shoppers demand personalisation, special services and quality products, which is what QE Foodstores has strived to deliver since opening its first store 16 years ago,” he said.
“The owners’ goal is to keep growing and provide a great range of products and services to many more Sydney neighbourhoods.
“They are constantly on the lookout for new sites in the inner city and east, and they’re now very seriously considering additional sites on the Lower North Shore.”
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Boutique Milson's Point supermarket set for auction 

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Sydney Olympic Park Authority is seeking to lease 1,500sqm retail floor space which is suitable for a supermarket.
Situated within the new Pavilions by Mirvac development at 2 Figtree Drive, the site is currently under development.
It will deliver a total of 705 apartments across four residential buildings with frontage onto Australia Avenue.
Sydney Olympic Park currently has a community of over 10 million visitors, 19,000 workers and 3,000 residents, which is set to increase as an additional 2,000 apartments are expected to be delivered over the next five years.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/7/5/Olympic%20park2.jpg" alt="">
Future growth as outlined in the Sydney Olympic Park Master Plan 2030 will see a daily community of 23,500 residents and 34,000 workers.
The open tender seeks a tenant to occupy the premises for a minimum fifteen years.
The tender closes on 31 July 2018.
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Sydney Olympic Park Authority looking to lease space to a supermarket

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GUEST OBSERVATION
If you think your local supermarket is shrinking, you might be right.
Coles has announced that it will open smaller-sized supermarkets in more locations. This follows the lead taken by other large retailers such as Woolworths, Harris Scarfe and Target.
Australia’s growing population may mean more customers, but it is also putting pressure on available real estate for retailers. As population density increases, mostly in urbanised areas, many retailers are shrinking to grow.
The blame for recent store closures has fallen mainly on Amazon and other global players entering the Australian market.
However, high rents, a lack of prime real estate, and rising inventory costs and wages have also contributed to the need to downsize.
Shrinking to grow
Retailers have responded to increased costs and competition in two ways: either by “rightsizing” - closing underperforming and unprofitable locations as Myer has done, or by “downsizing” - shrinking their store footprints.
Smaller store formats allow retailers to maintain a bricks-and-mortar presence at a more affordable cost.
Several established firms, as well as retail start-ups, are taking the small store trend a step further by opening “micro” stores.
Some retailers are also cleverly using smaller shopfronts as “click and collect” points for their online customers.
Smaller stores equal smaller rents. Retail rents are charged per square metre, meaning the bigger the store, the higher the rent.
To put it in perspective, while global retailers seek retail sites from anywhere between 7,500 square metres (Lululemon Athletica) to 40,000 square metres (Uniqlo), smaller stores typically measure around 600 square metres which is around a quarter of the size of the average supermarket.
Prime location retail rents continue to increase due to lack of available space and strong demand from overseas retailers such as Zara and H&amp;M, who are happy to pay up to A$20,000 per square metre per year to shore up key inner city locations.
Industry reports indicate that the Sydney CBD remains the most expensive for retailers, with an average of A$13,335 per square metre per year. Melbourne’s CBD is half the cost at A$6,670, Brisbane is A$4,704, Adelaide is A$4,000-5,000 and Perth is nearly A$4,000 per square metre per year.
Annual average rents in trendy inner-city suburbs, like Surry Hills and Wooloomooloo in Sydney, come in at almost A$14,000 per square metre.
So if you have a very small 80 square metre convenience store in a prime Sydney CBD location, your annual rent bill will be a little over A$1 million.
Going smaller can open up new, and often better, locations. As some real estate analysts noted last year, “with the current environment characterised by a lack of premium retail investment offerings” retailers are increasingly finding it difficult to snap up prime locations.
Going smaller therefore opens up more opportunities) for retailers to capitalise on prime locations, particularly in highly populated and affluent inner-urban and suburburban areas.
But there are other benefits too, such as less inventory, which also means less discounting. Smaller stores also require fewer staff, and less cleaning and maintenance.
What are the benefits for consumers?
Research shows that customers are increasingly suffering from choice overload, also known as the “tyranny of choice”.
This is particularly so for online shoppers and for those browsing the aisles in superstores, department stores and large chain stores. A limited product offering, in a much smaller space, helps consumers make decisions more easily, and appeals to those shoppers who are primarily looking for “convenience”.
Small stores appeal directly to a growing number of affluent baby boomers and millennials who shop more frequently with smaller basket sizes. These shoppers demand personalisation, special services and quality products.
Because small retailers have less inventory, they are able to turn stock over, replenish and refresh products at a much faster pace than their larger rivals. They can promise new items arriving in store at shorter intervals. The lure of “newness” is a very attractive prospect for shoppers.
Are smaller stores here to stay?
In 2018 and beyond, retailing will continue to evolve. Retailers have always had to adapt to meet changing consumer demands, advances in technology and the like.
A sure sign that physical retail is still alive and well is evident in the growing number of online retailers and established brands that are opening physical stores to complement their online offerings.
<img src="https://counter.theconversation.com/content/98246/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Just as pop-up retailing has cemented itself in the retail landscape, smaller stores are also likely to become a significant long-term strategic proposition for the retail industry, where it is now “big to be small”.
Louise Grimmer, Lecturer in Marketing, Tasmanian School of Business and Economics, University of Tasmania
Gary Mortimer, Associate Professor in Marketing and International Business, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/honey-i-shrunk-the-store-why-your-local-supermarket-is-getting-smaller-98246" target="_blank">original article</a>.
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Why your local supermarket is getting smaller

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Clayton Coles in Melbourne's south east has sold for $17,115,000, record a new record yield of 2.57 percent.
The previous record was held by Woolworths Middle Brighton which sold for $32 million on a 3.8% yield, and more recently Dan Murphys, Alphington which sold for $22.5 million on a yield of 3.2% via CBRE’s Premium Property Portfolio Auction Platform.
CBRE agents Mark Wizel, Justin Dowers, Kevin Tong and Dylan Kilner negotiated the sale on behalf of the deceased estate, which had been owned by the same family for over 20 years.
It was a local private investor who beat out a host of high profile investors, Asian investors and developers.
Coles Clayton was the first Victorian supermarket offered to the market in 2018.
The property on the corner of Centre Road and Cooke Street has a freestanding, 2850 sqm supermarket which has been trading since 1998.
It was sold subject to an estimated net annual income of $440,552.
CBRE's Mark Wizel said whilst the vendors had every intention of taking the property to auction, the offer was compelling enough for the estate trustee to sell prior.
“Although there was over 15 years of tenure to Coles, the buyer took a longer term view on the opportunity of owning a prominent Commercial 1 Zoned allotment within Metropolitan Melbourne,’’ Mr Wizel said.
 
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Coles Clayton sells for new supermarket record yield

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The supermarket wars are set to set up as Kaufland has secured its first site in Melbourne.
Kaufland, a discount German retailer, has purchased an empty Bunnings site in Dandenong for $16.4 million.
Kaufland is part of the Schwarz Group, the fourth-biggest retailer in the world.
Its “hypermarket” stores are typically four to five times bigger than a Coles or Woolworths.
The Gladstone Road, Dandenong property in Melbourne’s south-east includes 12,000 square metres of retail space on 3.3 hectares of land.
The Herald Sun said Spanish-born Jon Ruiz del Portal was appointed to the Kaufland Australia board this week.
It spent $25 million to buy a major site in the fringe of the Adelaide central business district last month.
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Kaufland hits Melbourne as supermarket wars step up

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A neighbourhood centre anchored by Woolworths and Aldi in Brisbane’s northern suburb of Warner has been listed for sale.
MarketPlace Warner is a ‘best in class’ shopping centre, with the Woolworths supermarket believed to be one of the best performing Woolworths in Queensland by MAT, with turnover well above Urbis benchmarks for a double supermarket anchored shopping centre.
It is being marketed by JLL through an expressions of interest campaign closing July 27. 
The listing agents are JLL’s Jacob Swan and Sam Hatcher.
Swan said neighbourhood shopping centres remained tightly held with only $347.6 million transacted this year, compared to a total of $1.6 billion in 2016. 
“Interestingly, of the 15 transactions that have occurred this year, nine have been in Queensland, highlighting investor confidence within Queensland’s retail market,” he said.  
He said private investors, syndicators and funds management groups were still actively seeking to invest in neighbourhood shopping centres, with competition for quality centres remaining strong.
“The defensive nature of these non-discretionary-based assets continues to appeal to the market.”
“The low-volatility of the spending profile within prime neighbourhood centres presents an ideal vehicle for capital preservation, while also providing a stable and attractive running yield.”
<a href="https://www.propertyobserver.com.au/images/2017/06/28/Woolies1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/28/Woolies1.png" alt="">
The shopping centre was redeveloped in 2014 to include an upgraded Woolworths supermarket spread on 4,485 sqm, a new Aldi supermarket and 37 other stores.
The site area is about 6.5 ha. 
The offering also includes a freestanding development pad site of 2,456 sqm, freestanding Goodstart Early Learning Child care and an adjoining balance land component of 4,305 sqm.  The centre provides a total combined GLA of 11,477 sqm.
JLL’s Sam Hatcher said there was significant growth to be had locally.
“We see growth in the retail spend and rental profile being realised through a large population of almost 70,000 in the Main Trade Area, projected to increase at 1.7% to 87,280 persons by 2036. In addition there are a total of 712 new dwellings under construction in the catchment/region, due to be completed in 2020.”
Total trade area retail expenditure is estimated at $905.5 million and is projected to grow to $2.3 billion by 2036, an average growth rate of 4.6%, he added.
 
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