Global op-shop giant leases prominent long-vacant showroom
Chris Lock’s IP Generation – which is being purchased by MA Financial – has secured a tenant for the prominent corner of an ex-Ray’s Outdoor outlet picked up last month for $8.5 million.
For profit, second-hand clothes and homewares retailer Savers has signed up for 2390 square metres – half – of 340-344 Melbourne Road, North Geelong.
The tenancy will be its first in Victoria outside Melbourne where it has nine stores.
Last March, the group rented a 1530 sqm piece of the Regents Park Estate, with 170,700 sqm, in Sydney’s geographical centre, from Dexus.
Established in 1954, headquartered in Washington, Savers has over 300 outlets in the United States, Canada and Australia.
Significant deal for Savers
The North Geelong site spreads 5564 sqm at the north west corner of Collopy Street.
The improvement also includes offices and warehousing.
Super Retail Group was the last occupier for a store and distribution centre – over a decade ago.
Mr Lock will offer it to Savers refurbished; it was the investor’s first Geelong-region investment for a few years.
“Savers has been looking for a site in Geelong for several years now, Colliers’ Nathan Brown, who brokered the deal with Chris Nanni, said.
“What appealed most about this location was its visibility, accessibility and strong local catchment,” according to the executive.
“It’s a high-traffic area with excellent exposure and the corner positioning offers unbeatable signage opportunities,” he added.
Greater Geelong has since COVID become one of Victoria’s fastest growing municipalities.
The deal sets a retail rent benchmark for Melbourne Rd, North Geelong, Mr Nanni said.
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