Retail Development

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GUEST OBSERVER
One of the most significant and far-reaching retail legislative changes will quietly come into effect in New South Wales on 1 July 2017.
The amendments to the Retail Leases Act of NSW are numerous and in essence, will change the dynamics of retail leasing as we know it.
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Of the many changes being made, the change I believe that will have the biggest impact on the sector is the requirement for all leases under the Act, over three years in length, to be registered within three months from leases being signed. This will increase transparency in the sector and help to continue levelling the playing field between tenants and landlords. 
Even more transparency will result with the change that requires Landlords to accurately disclose and estimate outgoings in a Disclosure Statement, failing which, that outgoings will not be recoverable. 
The removal of the requirement for a minimum five-year lease term in the new Act will likely result in both longer and shorter-term leases. This is a positive for the market as it will allow greater flexibility in this volatile and ever-changing market. 
Also included in the Act is a change to how bank guarantees need to be handled. Once the Act is in place, Landlords will be required to return bank guarantees to the tenant within two months after the tenant completes performance. 
Another change for landlords means they will no longer be able to request online sales revenue information from tenants, except for goods delivered from the premises or where the centre or the transaction takes place while the customer is in the premises. 
Redundant manual processing of rental bonds will be replaced with a change to the Act that will see the rental bond scheme move to an online platform cutting out the need for physical documents to be lodged. 
Another change includes increasing the penalty notices for offences. These include the right to compensation if a landlord fails to provide a disclosure statement within seven days before the lease is entered into or if it is misleading or incomplete. 
The amendments to the Act will create a more transparent and balanced retail leasing market, enabling greater flexibility and operational efficiency for both tenants and landlords, in a sector that is undergoing significant cyclical and structural change. 
Simon Fonteyn is Managing Director, Leasing Information Systems and can be <a href="https://www.leaseinfo.com.au" target="_blank">contacted here</a>.
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Amendments to the Retail Leases Act of NSW looming

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Property developer Greenland Australia, Lachlan’s Square Village has now officially welcomed six new stores to the 5,000 sqm retail precinct, joining anchor supermarket tenant Coles, and its accompanying Liquorland outlet, which opened in September this year.

The new specialty tenants that will service the Macquarie Park and North Ryde communities include lifestyle and grooming outlets, Ocean Nails &amp; Beauty and Totally Male Barbershop, as well as a selection of food and beverage operators – Saigon Summer (Vietnamese street food), Shoga Japanese (modern sushi bar), Chicken V (Korean fried chicken and tap beer) and Hey Juice (fresh juices, milk tea and snacks).

Further specialty tenants are scheduled to commence trading in the precinct in early 2021, with a medical centre, pharmacy, and a gym also planned. To celebrate, Lachlan’s Square Village hosted a range of COVID-safe activations across the precinct on the opening weekend, including a Santa’s Breakfast, which saw over 200 children and adults enjoy breakfast with their families including a festive Christmas show, followed by a Santa Meet and Greet in the brand-new City of Ryde Community Centre located on-site. 

According to Greenland Australia’s Director of Asset Management, the growth of <a href="https://www.greenlandaustralia.com.au/en/new-retail-stores-open-at-lachlans-square-village-in-time-for-christmas/">Lachlan’s Square Village</a> is further proof of his company’s commitment to the area. “We love north-west Sydney, and we are thrilled to be offering even more retail variety to the people of Macquarie Park and North Ryde,” said Mr Fidler.

 
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Six specialty stores have joined Coles and Liquorland at their new retail precinct Lachlan's Square Village in Sydney.

urban.com.au

Greenland Australia's Lachlan Square Village launches new retail stores

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SPONSORED POST
Retail centres form the backbone of many communities. More than simply places to shop, they can enrich the communities they serve as destinations for socialising, culture and education.
There’s a growing focus in retail design on “lifestyle shopping centres”, says Frasers Property Australia general manager of sustainability Paolo Bevilacqua. 
“Sustainability was about the environmental aspects. Now there’s a shift back to the people,” he says. 
“Buildings are for people so the impact of health-related initiatives such as improving air quality and access to day light, are being considered much more closely.”
Gardens and “green walls”– with vertical plantings – are increasingly being integrated into shopping centres’ designs. Facilities that encourage people to commute by bicycle, public transport and on foot are also gaining popularity.
“Now we’re starting to see urban agriculture within shopping centres as a way to connect people to nature,” Bevilacqua says. “These types of features have been shown to make people feel better in a space and stay there longer.”
The World Green Building Council found in its Health, Wellbeing &amp; Productivity in Retail report, released in February, that beyond improving customers’ experiences, retailers can boost profits by providing greener, healthier stores.
The concept of sustainable development is not new but Stephen Choi, Vice-Chair of the Board for the Living Future Institute of Australia, says there’s still room for improvement. 
“We have to do better than just continuing with more of the same; we have to try to create a built environment where every single act of design and construction made the world a better place,” Choi says.
In line with this aim, the International Living Future InstituteTM coordinates the Living Building Challenge, a design standard for sustainable buildings.
The LBC inspires the creation of buildings that have a positive impact on their environments and communities. Choi says unlike other standards, it uses nature as a benchmark rather than a bare minimum construction code. It is a philosophy and advocacy tool as well as a certification system.
It asks us to imagine a building designed and constructed to function as elegantly and efficiently as a flower: a building informed by its bioregion’s characteristics, that generates all of its own energy with renewable resources, captures and treats all of its water, is toxic free and beautiful.
To become a Living Building®, a new project must meet a stringent set of requirements, not only to be water and energy positive efficient and use sustainable materials, but also to promote health, happiness and equity, and to be beautiful places.
For more information, download our eBook <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank">here</a>.
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What are the future trends in sustainable design for retail centres?

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SPONSORED POST
Sustainable retail development doesn’t end when the buildings have been completed. A retail centre’s ongoing operations have as much of an effect on its sustainability as its design and construction.
Buildings account for over 40 percent of the world’s energy usage, according to the United Nations Environment Program Sustainable Buildings and Construction Initiative. Additionally, the built environment consumes about a third of our water, generates 40 percent of our waste, and is the world’s largest contributor to greenhouse gas emissions, according to the Green Building Council of Australia.
Vice-Chair of the Board for the Living Future Institute of Australia Stephen Choi says owners and operators of Australian commercial buildings, including retail centres, have been active in reducing their energy and water consumption as it makes business sense to do so. Forward-thinking centre operators are now looking to contribute more to their communities over the long term.
For example, Central Park in Sydney, which includes retail and residential buildings, has an on-site thermal tri-generation plant and an on-site water recycling plant. These reduce carbon emissions, minimise mains water demand and may allow excess water and electricity to be exported to nearby neighbourhoods.
One of the criteria in the Living Building Challenge performance standard is that a project must supply 105 percent of its energy needs by on-site renewable energy on a net annual basis. Projects must also provide on-site energy storage, which advances in battery technology are helping to make possible.
Frasers Property Australia’s general manager of sustainability Paolo Bevilacqua predicts battery storage will be common in commercial buildings in five years.
“The technology has developed rapidly and feasible to use it on a commercial scale,” he says.
Other ways retail centres are becoming more sustainable concentrate on their interactions with the community and inspiring consumers to act more sustainably.
“Retailers are offering visual examples to the consumer to demonstrate the fact that the energy they use is renewable, that they grow food on site, and sharing that knowledge and data to have a role beyond the centre itself,” Bevilacqua says.
Some retailers are promoting that they use local produce, including food grown on site. Frasers Property has investigated growing mushrooms in retail centre basements, for instance.
Bevilacqua expects to see urban agriculture expand from small scale gardens to commercially operated urban farms over time. There are examples of this in the US and UK, although in Australia urban farming is in its infancy.
In future, shopping centres may run workshops on how to grow food, expanding their role from being places to shop to centres for learning, Bevilacqua says.
Existing examples of retail centres operating this way include Jamie’s Ministry of Food, which runs workshops on healthy cooking in UK shopping malls, (<a href="https://www.jamieoliver.com/jamies-ministry-of-food/" target="_blank">https://www.jamieoliver.com/jamies-ministry-of-food/</a>) and demonstrations held at Westfield Stratford in the UK of Pavegen, a technology that generates energy as people walk over it (<a href="https://pavegen.com/home" target="_blank">https://pavegen.com/brands/generation-green-westfield</a><a href="https://pavegen.com/home" target="_blank">stratford</a>).
For more information, download our eBook <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank">here</a>.
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What are the future trends for operating sustainable retail centres?

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Builders Brookfield Multiplex has reached a significant construction milestone with the completion of stage two of the $222 million redevelopment of Stockland's Wetherill Park Shopping Centre.
Located at 561-583 Polding Street, the centre is becoming one of Western Sydney’s biggest and most popular retail and lifestyle precincts.
Stage 2 features approximately 5,600 square metres of new retail space comprising a 800 seat indoor / outdoor food court with 14 food outlets, three mini-majors and 20 specialty shops.
In addition, the stage creates a new basement level carpark and three rooftop levels of car parking, providing an additional 750 spaces.
Stage 2 also comprises a new Coles supermarket, located within the existing centre.
The redevelopment commenced in September 2013.
Construction of the overall redevelopment is scheduled for completion by early 2016.
<img src="/images/2015/08/25/wetherill_park_artis1360030109.jpg" alt="">
 
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Wetherill Park shopping centre construction continues

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Swedish fashion giant H&amp;M will open its next Australian store at Broadway Sydney in spring in the revamped Level 2 precinct.
Broadway owners, Mirvac Group and Perron Group today said the redevelopment includes a 3,400 square metre expansion to increase the food and fashion retail offering to approximately 31 retailers.
Mirvac senior retail development manager Christina Nelson, said by bringing more prestigious retail options to the inner west, we’re giving locals the opportunity to shop for everything they need without having to venture into the city
“H&amp;M is the perfect addition to our current offering, which includes everything from Apple Store, JB-Hi Fi, Nike, Kmart and Target to Coles, ALDI, Hoyts and Rebel.”
H&amp;M is known for its collaborations with celebrated designers such as Karl Lagerfield, Stella McCartney, Jimmy Choo and Madonna.  
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Swedish fashion giant H&M set for Broadway Sydney

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Mandurah Forum is undergoing a $350 million makeover.
Western Australian Premier Colin Barnett joined Vicinity Centres executive general manager of development Jonathan Timms to unveil the transformation project on Monday.
Post-development, the retail centre will almost double in size. 
“We are creating a major regional shopping centrewith the introduction of the first next generation David Jones store in WA which will anchor an upgraded fashion offer at the centre, and also include an enhanced food and dining offer,” Timms said. 
Along with David Jones, there will be a Target store to complement the existing retailers in the centre – Kmart, Big W, Coles and Woolworths. 
“With a retail offer including more than 220 stores, unrivalled south of Perth, the new centre will be a destination offering premium and fashion-forward brands and the best of everyday fashion for the whole family.” 
The upgraded centre will have food and dining options, including a café and restaurant precinct with al fresco dining options around a water oasis.
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Mandurah's top retail centre to get $350 million upgrade

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Architects, sustainability experts and influential property executives are amongst those chosen as the judging panel for this year's retail-focused Living Building Challenge design competition.  
The judges will select a winner based on the entry that best responds to the question, ‘what does the world’s most sustainable retail centre look like?’  
Living Future Institute of Australia (LFIA)Vice-Chair Stephen Choi said the judges for The Brickworks Living Building Challenge design competition are well known and highly respected, not just in property circles but in different industries and in different capacities. 
"Each is a genuine thought leader and we appreciate their commitment,” Mr Choi said. 
"It is time for ‘best practice’ in retail centre development to mean much more than simply enabling natural airflow and daylight. 
“The shopping centre of the future is one that attracts even more foot traffic, is a place to be enjoyed, is aesthetically pleasing, functions beautifully, promotes positive health and wellbeing for visitors and employees, and has a net positive impact on its environment."
Over 40 registrations for the Brickworks Living Building Challenge design competition have been received since the competition was launched in Melbourne last month.
The Brickworks Living Building Challenge design competition is coordinated by the LFIA, the local arm of the Seattle-based International Living Future Institute. Frasers Property Australia is the Principal Partner for the design competition and the company’s Brickworks site in Melbourne is the subject retail centre for entrants to apply their progressive thinking to. 
The judging panel includes:
Caroline Pidcock - Director of architectural firm PIDCOCK – Architecture + Sustainability
<img src="/images/2016/04/27/carolone.jpg" alt="" width="572" height="449">
Kate Doyle – as CEO of the Architects Accreditation Council of Australia (AACA), Ms Doyle has worked extensively with the educators, curators and communicators that shape Australia’s architectural landscape. 
<img src="/images/2016/04/27/doyle.jpg" alt="" width="559" height="413">
John Romano – Mr Romano has clocked up an impressive 30 years with Telstra in a variety of senior positions and currently heads up Telstra’s Property division. 
<img src="/images/2016/04/27/John_Romano.jpg" alt="">
Daryl Browning – As CEO of ISPT, Mr Browning has accumulated more than 30 years’ experience in the property investment and management sector, including in financial services and funds management. 
<img src="/images/2016/04/27/daryl_browning.jpg" alt="">
Natalie Isaacs – Having founded 1 Million Women in 2009, Ms Isaacs has helped shape how women and girls fight climate change by changing the way they live, with the movement now around 400,000 women strong - and counting. 
 
Peri Macdonald – Currently the General Manager - Retail at Frasers Property Australia, Mr Macdonald has been involved in the acquisition, development and management of over $1 billion of new and redeveloped neighbourhood and sub-regional shopping centres across Australia. 
 <img src="/images/2016/04/27/Frasers_Property_PeriMacdonald_05-2.jpg" alt="" width="664" height="531">
Entries close on May 6.
For more information, <a href="https://living-future.org.au/the-brickworks-living-building-challenge-design-competition/" target="_blank">click here</a> or <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank" style="line-height: 1.3em;">download our eBook</a>.
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