Sydney Tools has secured a 1,200 square metre retail space at the Chirnside Lifestyle Centre at Chirnside Park, Victoria. This leasing transaction, brokered by Large Format Retail leasing manager, Jake Beckwith from Colliers and Chris Parry, partner at Leedwell, is a testament to the sector’s resilience and potential.
The property, which was acquired by MLC Asset Management (formerly IOOF) in June 2023, forms part of the 11,100 square metre large format retail project completed in December 2023. Chirnside Lifestyle Centre has become a thriving retail hub, hosting brands such as Harris Scarfe Home, Baby Bunting, Super Cheap Auto and Fantastic Furniture, directly adjacent to McDonalds, KFC and Dan Murphys.
The space leased to Sydney Tools was previously occupied by Ashley Furniture under an Australian franchise run by Johnny’s Furniture, which vacated it following the retailer’s collapse earlier this year.
“The LFR sector has outperformed other retail segments in recent years, driven by strong population growth, rising housing prices, and evolving tenant compositions. The sector’s constrained supply pipeline, coupled with a robust demand outlook, has resulted in a competitive landscape for readily available spaces,” Parry said.
“From virtually no presence a decade ago, Sydney Tools has strategically expanded and now occupies approximately 40,000 square metres across Australia’s large format retail centres,” Beckwith added.
“Traditional categories, such as hardware and furniture, are now being complemented by a new wave of “lifestyle” retailers, which has broadened the users committing to LFR centres. Retailers are also transitioning from shopping centres to LFR spaces attracted by larger footprints, extended trading hours, and competitive rental rates.”