Harcrest Shopping Village, Wantirna South.

Client: Mirvac

Objectives:

Prepare, implement and execute the project leasing marketing package for this brand-new IGA plus Liquor anchored neighbourhood shopping centre. Once the centre was established it was then to be subdivided and sold in part via Expressions of Interest.

Strategy:

Harcrest is part of Mirvac's master planned community which saw the former Austral Bricks quarry transformed into approximately 850-1000 residential lots. As part of the development, the client envisaged that Harcrest Shopping Village would provide amenity to future residents and general community. To achieve this outcome for the client we completed the following;

• Analysing the demographics of residents in the newly developed land subdivision in which the centre would form part;
• Prepare and implement a marketing campaign to target businesses that would meet the desired outcome for the centre;
• Ensure that rental and outgoing rates for the centre were within market levels and sustainable both for the operators and the client’s feasibility for the project;

Team: Dan Greenlees as lead agent for Gross Waddell

Critical Leasing Path:

• Prepare and implement tenancy mix plan
• Incorporate required services for each tenancy into construction program
• Prepare and implement marketing program
• Secure lease agreements for all six (6) specialty tenancies as per the agreed tenancy mix.
• Participate in the centres grand opening day

Critical Sales Path:

Prepare and implement marketing program marketing program included online advertising, print media in publications such as The Age and  Financial Review, onsite signage and direct contact with clients and interested parties;

Prepare in depth property report to provide prospective purchasers with all the relevant information and key selling points for the centre;

Ensure interested parties completed and submitted an Expression of Interest in the required format by the closing date;

• Assess each proposal and make recommendations to client;
• Negotiate with those parties shortlisted
• Execute formal sales contracts with the client and purchaser

Outcomes:

Successfully leased all tenancies within the centre prior to opening at rental and incentives levels that exceeded the client’s expectation for the centre and enhanced the value of the master planned community overall. Within six (6) months of the centres opening the IGA plus Liquor store was taken to the market and successfully sold at a price in excess of $3.6m.