Greensborough Plaza

Greensborough Plaza

Greensborough Plaza from Main St.
Location Greensborough, Victoria, Australia
Coordinates 37°42′14″S 145°06′07″E / 37.704°S 145.102°E / -37.704; 145.102
Opening date 1978
Management Lend Lease Retail Group
Owner Lend Lease through the Australian Prime Property Fund
No. of stores and services ~185
No. of anchor tenants 6
Total retail floor area 70,804 m²
No. of floors 3
Parking ~2700
Website greensboroughplaza.com.au
Statistics from Lend Lease.[1][2]

Greensborough Plaza is a major regional shopping centre, located in Greensborough, Victoria in the north eastern suburbs of Melbourne, Australia.

History and development

Early days

First opening in 1978, the centre was known simply as Greensborough Shopping Centre. Around 1990, the centre was known as Valley Central, and the current Greensborough Plaza name was introduced in 1995. Former major tenants in the centre over the years have included: Waltons department store, Stan Cash, McEwans, Venture, Jewel Food Barn, Franklins No Frills and World 4 Kids.

Redevelopments

The shopping centre has undergone two major renovations in its lifetime.[2][3] The first of these renovations took place in 1990, and the second in 1996 which included the addition of a new 13,000m² Myer store, the first new store for the chain to open within Victoria in over twenty years.[3][4][5]

In 1998, both Harvey Norman and Rebel Sport both commenced operations at the centre.[6][7] Both stores were designed as new larger concept stores which had never been tried by either retailer before.[6][7] Harvey Norman has left in 2015 and JB-Hi-Fi moved to its location becoming jb hi fi home

Myer controversy

The Target store in Greensborough Plaza. This picture was taken in October 2012, and like many other national chains within this shopping centre, the old Target Home logo remains at the second level entrance (the third level entrance contains the regular Target logo). Because both levels of floor space used to house a Myer department store, Target have a larger range of products here.

In September 1997, it was announced that the Myer department store was to be converted into an outlet for Target, as a Target Home concept store.[4][8] Costing A$5 million (1997), the conversion was scheduled for completion by February 1998.[4][8]

The store was converted after months of evaluation and market research, on account that the store was not satisfying consumer needs.[4] According to research undertaken by the Centre and Coles Myer at the time, customers were preferring to go to larger Myer outlets in the nearby suburbs of Preston (Northland) and Doncaster (Shoppingtown).[4] Analysis also suggested that a Target outlet at the centre was more preferred by the centre's target market, and would boost visitors to the centre by 6%.[4] The Greensborough Plaza location was the first Target store to be rolled out as part of the Target Home concept.[4]

The change cause some significant controversy amongst retailers in the centre, who complained that they had rented in the centre on the key basis of Myer being an anchor tenant.[8] Some in the centre had even considered taking legal action against then centre managers Lend Lease, particularly in light of what they felt were inflated rent prices based on the stores presence in the centre.[8][9][10]

The situation between tenants and the centre managers continued to escalate, until a merchant group was formed in March 1998 to represent affected retailers in discussions with Lend Lease.[10][11] One long-time tenant of the shopping centre claimed that his rent had increased by 110% since the naming of Myer as a new anchor tenant in 1995.[11]

The Myer store eventually closed its doors on 17 May 1998, with Target opening in its place later the same year.[9] Target have since discontinued the Target Home chain, but Greensborough Plaza is one of the only outlets left still sporting the old logo.

Ownership

During the 1990s, the centre was part owned by both General Property Trust and then later Lend Lease subsidiary MLC Limited.[12] Unlisted Lend Lease managed trust, the Australian Prime Property Fund was the other joint owner during this period.[12] During both these owners, the centre was managed by Lend Lease.[12]

In 2000, MLC sold its stake in Greensborough to SAS Trustee Corporation (State Super), in a deal said to be valued at around A$80 million (1999).[13][14]

In 2005, the centre was owned by SAS Trustee Corporation and Australian Prime Property Fund.[15] On 26 May 2005, Australian Prime Property Fund completed the purchase of SAS's 50% share in the centre for A$160 million (2005), giving it full ownership of the centre.[14][15]

view from south

Statistics

Total annual retail sales at the centre by March 2005 came to A$312 million.[15]

Transport

Aerial view of the suburb with Greensborough Plaza in the centre.

Greensborough Plaza provides parking for around 2815 vehicles and is serviced by trains, 10 bus routes and taxis.

Parking

Adjoining the Plaza is a seven-level multideck carpark (six levels undercover), accessible via The Circuit. An additional three levels of parking are located above the Target store.

Public transport

Greensborough Plaza is directly serviced by SmartBus route 902 as well as 7 regular bus routes (513, 517, 518, 520, 562, 563, 566), with bus stops located outside the main plaza entrance on Main Street. A taxi rank is also located adjacent to the bus stops on Main Street. The stop for bus route 293 can be reached by a 200-metre walk north east from the plaza along Main Street. Greensborough railway station is located nearby and is a 500-metre walk east from the plaza to the station. SmartBus route 901 stops outside the station.

References

  1. ↑ "Portfolio Report" (PDF). Lend Lease. 2006-12-30. p. 19. Retrieved 2007-07-27.
  2. 1 2 "The Centre, Greensborough Plaza". Lend Lease. Retrieved 2007-07-27.
  3. 1 2 Spike Boydell (July 1998). "An analysis of the investment appraisal of enclosed regional shopping centres : An Australian perspective" (PDF): 303. Retrieved 2007-07-18.
  4. 1 2 3 4 5 6 7 "Greensborough Myer to Target". Inside Retailing. 1 December 1997. Retrieved 2007-07-27.
  5. ↑ "Company Profile" (PDF). Walter J Pratt Pty Ltd. Retrieved 2007-07-27.
  6. 1 2 "Harvey Norman breaking new ground with concept". Inside Retailing. 27 July 1998. Retrieved 2007-07-27.
  7. 1 2 "Rebel to introduce new design in superstore". Inside Retailing. 13 July 1998. Retrieved 2007-07-27.
  8. 1 2 3 4 Ashley-Griffins, Katy (7 September 1997). "The newest Myer store in Melbourne to close". Sunday Herald Sun. p. 33.
  9. 1 2 "Controversial Myer store closes its doors". 18 May 1998. Retrieved 2007-07-27.
  10. 1 2 "Tenants in rents revolt over dept store closure". Inside Retailing]. 9 March 1998. p. 1. Retrieved 2007-07-27.
  11. 1 2 Taylor, Tanya (16 March 1998). "New tenants group seeks plaza compo". Herald Sun. p. 55.
  12. 1 2 3 Kelly, Martin (17 April 2003). "Big stores put into the irrelevant department as nimble rivals rule - Commercial Property". The Australian.
  13. ↑ Dunlevy, Maurice (12 November 1999). "MLC sheds poor assets in two states". The Australian.
  14. 1 2 Manning, Paddy (19 May 2005). "Greensborough Plaza in APPF spectrum for $160m". The Australian.
  15. 1 2 3 "Australian Prime Property Fund acquires remaining interest in Greensborough Plaza, Melbourne". 26 May 2005. Retrieved 2007-07-27.

External links

Coordinates: 37°42′14″S 145°06′07″E / 37.704°S 145.102°E / -37.704; 145.102

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