Retail & Mixed Use
DMA partnered with RAM Group as their retail development partner to firstly determine a viable repositioning strategy and then manage the project.
Springfield Fair was first developed in the mid 1990’s and further expanded in the mid 2000’s but had not seen a major refurbishment since that time. With increased competition in the catchment, the centre was trading down and was in need of repositioning.
The strategy centered around transforming the asset to a more convenient, accessible and attractive centre, offering a new mix of tenants and an increase of quality local food and beverage items. Some of the key items we focused on were; a cosmetic upgrade, increased GFA and an improved tenancy mix and offering, a Coles refurbishment with a new click and collect service, improved visibility, lighting, signage and car park functionality.
BN Group were engaged to design the concept, through the introduction of a pavilion building, activation of the retail edges, integrated landscaping and improved weather protection. The scheme was focused on place-making which established an appealing, all-weather casual dining environment providing the local Springfield community more reasons to visit and spend time at their local centre.
Thomson Adsett were engaged to undertake the cosmetic works upgrade. The upgrades involved the internal mall and amenities being transformed to a sophisticated, warm and contemporary environment with a series of targeted, economical upgrades.
Every element of the design was aimed at improving the tenant and customer experience to maximise patronage resulting in improved trading conditions for the tenants. The cosmetic upgrades are impactful yet tailored to suit a modest upgrade budget, resulting in a greatly improved, welcoming environment which is now a much more attractive destination for locals who were starting to turn their backs on the previously dated centre and to patronise other centres.
Tenants in the centre see tangible improvements to the asset and are motivated by the landlord’s investments to enhance it. Previously long-term vacant spaces have now been filled due to renewed tenant interest.
The design and delivery of Springfield’s refurbishment project produced a superior yield-on-cost relative to the acquisition of comparable assets within RAM’s essential services fund.
The combination of providing the desired centre improvements whilst increasing the return for the investors created a challenging project, budgets were restricted but the strategy proved successful with the asset value increasing by 76% and a development return greater than 20%. The asset has also seen a significant increase in MAT from its prior form.