ASX-listed giant leases Ringwood superstore
A prominent Ringwood showroom for more than 20 years occupied by Baby Bunting has been leased to ASX-listed Viva Leisure Ltd, for a Club Lime.
The group is paying a starting rent of $250 per square metre, per annum, for the 1288 square metre corner space – 6 & 7, 74-82 Maroondah Highway, part of the Ringwood Homemaker Centre, between Eastlink and Ringwood Street.
The deal will pitch it against rival Jetts, in the complex, next door.
FloorWorld, Not Quite Right, Vinnies and House of Golf are other occupiers.
CVA Property Consultants’ Tim Cooney and Jarrod Moran brokered the deal for a private investor; the complex is strata titled.
“The showroom boasts a substantial 45 metre frontage and is strategically positioned within the Ringwood Homemaker Centre, surrounded by well-known retailers,” Mr Cooney said (story continues below).
“The multiple offers received highlight the current tightness in the large format retail market,” he added.
“The long-term agreement secured not only meets the needs of both the landlord and the tenant but also underscores the high demand for quality retail space in this vibrant shopping precinct,” according to the executive.
Ringwood, classed a major activity centre by government planners for more than 20 years, is about 25 kilometres east of Melbourne’s CBD.
Baby Bunting retains a store in the suburb, nearby at QIC’s Eastland.
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