Adairs – which earlier this month had a share price boost following its $A76.2 million acquisition of New Zealand children’s furnishings retailer, Mocka – is expanding in Geelong.
The Australian speciality home retailer is renting all of the 697 square metre showroom at Waurn Ponds’ Geelong Homemaker Centre which was recently vacated by Supercheap Auto.
While exact terms of the agreement are undisclosed, Geelong showroom rentals range from between $250-$350 per sqm.
Leedwell Property partner Chris Parry said enquiry for Geelong space has been strong by both retail occupiers and investors.
“Recent activity in the marketplace has included national retailers Sydney Tools, Bedshed and AMX Superstores all securing new locations in Greater Geelong,” the executive said.
“Primewest acquired the 20,000sqm Geelong Gate Homemaker Centre, Supercheap Auto relocated to a premises some 40% larger than the previous,” Mr Parry added.
In August, Kaufland announced its intention to move to the area: its 6892 sqm proposal at 140-156 Colac Road now being reviewed by the local council (coincidentally, this property was also being marketed for lease by Leedwell Property).
Last month businessman Paul Little launched the Geelong Flyer – a ferry service to Docklands.
Supercheap Auto relocated to a 1000 sqm premises adjoining the Waurn Ponds Homemaker Centre earlier this year.