Former Springvale Bunnings to become Aldi, Good Guys
A former Bunnings Warehouse site at Springvale in Melbourne’s south-east is to be transformed into a retail hub that will feature an Aldi supermarket and The Good Guys electronics store.
The Bunnings site on Springvale Rd, which was vacated by the hardware giant when it moved to a larger facility just down the road, is being redeveloped by the Chinese-backed Ouson Group.
It will also include a 2000sqm Crunch Fitness gym, a 918sqm pet store, a 200sqm Bottlemart and a 600sqm Italian restaurant, while a McDonald’s and a Caltex service station are also attached to the site.
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But it is the addition of the latest store in the rapidly-expanding Aldi network that will generate the most interest, with the nearest stores kilometres away in Springvale South or Waverley Gardens.
Burgess Rawson leasing director David Mark, who has overseen the leasing of the multi-tenanted site, says more and more Bunnings sites are becoming available as the Wesfarmers-owned retailer hunts for bigger spaces.
“Bunnings Warehouses are beginning to outgrow their original sites, which typically unlocks an excellent opportunity to successfully convert them into new mixed-use retail destinations,” Mark says.
“In addition, there is significant market potential with the ongoing conversion of the retired stores. These present a number of immediate opportunities to convert otherwise dormant sites into active retail and lifestyle centres.”
Most of the tenants have signed long leases, with the weighted average lease expiry at the new retail hub sitting at 12 years.