Retail and Mixed-Use
This 7,000 sqm neighbourhood retail centre comprises a 3,655 sqm Coles supermarket, Aldi and 24 specialty tenants including a significant medical centre and allied health, a national discounter and food precinct to cater for an underserviced catchment in north Toowoomba.
DMA Partners was appointed in 2011 to assess a concept for a new shopping centre in Harlaxton, Toowoomba. The concept was found to make a loss and DMA Partners was then appointed to prepare a development strategy for the site. We appointed Cottee Parker to work closely with us and we conceived a scheme that improved the end asset value by 35% and achieved the target 20% return on cost.
DMA was subsequently appointed as the owner’s development partner to manage all aspects of the project through to completion. This included negotiating the lease agreement with Coles and negotiating the sale of land to Aldi.
Once leases were in place, DMA managed the implementation of the valuation and funding strategy and the project was constructed and delivered successfully in March 2014. The asset has since sold for $3 million over the valuation that the project was funded against and it continues to trade strongly in the current environment.