08/08/2019 - 15:31

MGroup Attracts Bunnings in Albany

08/08/2019 - 15:31

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Bunnings has signed a heads of agreement with M/Group, under which Bunnings will relocate from its existing Albany premises to over 14,000 square metres of new space located at MGroup's Chester Pass Mall in the coastal town.

MGroup Attracts Bunnings in Albany
Bunnings will relocate from its existing Albany premises to over 14,000 square metres of new space. Photo: MGroup.

Bunnings has signed a heads of agreement with M/Group, under which Bunnings will relocate from its existing Albany premises to over 14,000 square metres of new space located at MGroup's Chester Pass Mall in the coastal town.

MGroup said the relocation is based on development approval for expansion plans currently being sought through the City of Albany.

Subject to development approval, construction of the Chester Pass Mall site is anticipated to commence mid-2019 with the completed retail space handed over in 2020.

It acquired Chester Pass Mall in 2016 via its retail licensed property investment fund.

MGroup managing director Lloyd Clark said Chester Pass Mall represented a site with great fundamentals and potential for development, with over 2.7 hectares of available retail zoned land.

“The shopping centre landscape is a lot different in regional environments than their city counterparts. We see great potential in investing in strategically located sites and have been successful in increasing local benefits and investment returns,” he said.

“A recent $2 million investment in Wodonga Plaza in Victoria has had an enormous impact and we anticipate the proposed changes at Chester Pass Mall will carry the same momentum.”

Bunnings property director Andrew Marks said the new site would provide locals with a bigger, newer and better facility.

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