"Beyond 6 Metres" - Charman Road, Cheltenham Retail Report

RETAIL REPORT

BEYOND 6 METRES CHARMAN ROAD, CHELTENHAM

140 SHOP AND OFFICES BOUTIQUE LONG STANDING LOCAL BUSINESSES INFLUX OF NEW APARTMENTS FOOD BASED CENTRE WITH LARGE PROFESSIONAL SERVICES INDUSTRY ACTIVITY SUPPORTED BY STATION, PRIMARY SCHOOL AND PROXIMITY TO MAIN FEEDER ROADS, INCLUDING NEPEAN HWY

REAL FACTS, REAL SOLUTIONS Commercial & Industrial Real Estate

Sales & Leasing

MOORABBIN \ 9559 3888 \ 358 SOUTH ROAD, VIC 3189 MORNINGTON \ 5925 6005 \ 4/230 MAIN STREET, VIC 3931 CARRUM DOWNS \ 9775 1535 \ 1 COLEMANS ROAD, VIC 3201

Property Management nicholscrowder.com.au

CHARMAN ROAD, CHELTENHAM

AN

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AR CH AD RO

NEPEA

N HIG

HWAY

AD PARK RO AD N RO

CHELTENHAM TRAIN STATION

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AR

CH

VACANCY 7.1% FORSE (CONSIDERED MODERATE) A E L

STATIO

AD RO

CHARMAN CHELTENHA

140 SHOPS AND OFFICES

RETAIL SECTOR

Prima

Secon

Note: Outline Indicat

CHARMAN RD, CHELTENHAM RETAIL SECTORS

Primary Secondary Note: Outline Indicative Only

NICHOLS CROWDER 2018 RETAIL REPORT \ CHARMAN ROAD, CHELTENHAM

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RETAIL REPORT

BEYOND 6 METRES

CHARMAN ROAD, CHELTENHAM

WHAT OUR RESEARCH REVEALS Nichols Crowder is empowering owners, tenants and customers with local knowledge on what makes a retail shopping strip successful. We consider the secret to success in retail centres such as Cheltenham to be way beyond the standard 6 metre frontage of a shop.

Cheltenham retail has two distinct precincts created by multiple street strip retailing, the railway line dissecting the centre, and traffic flows.

The primary precinct is “food-based”, with fresh food and food services making up 45% of businesses. Due to a large increase in the number of apartments soon to be completed in the area, we anticipate more and better food-based tenancies to join this precinct. It is also unusual for a shopping precinct of this size not to have a major name supermarket. However, it is unique in that Westfield Southland is nearby.

The secondary precinct is dominated by destination-based uses, with customers knowing where to find required retailers. There are strong linkages in this precinct, with beauty, medical and health making up over one-quarter of businesses.

Another dominant use, professional services, accounts for more than 20% of businesses, and includes estate agents, accountants and solicitors.

PRIMARY PRECINCT ANNUAL RENTS: $400 TO $800 PSM APPROX* CHARMAN RD  PRIMARY PRECINCT HEALTH 0%

VACANT 2.3% FASHION 2.3% MEDICAL

6.8%

RETAIL PRODUCTS

20.5%

BEAUTY

11.4%

FRESH FOOD

PROFESSIONAL SERVICES

4.5% 6.8%

13.6%

RETAIL SERVICES

31.8%

FOOD SERVICES

SECONDARY PRECINCT ANNUAL RENTS: TO $400 PSM APPROX* CHARMAN RD $250 SECONDARY PRECINCT VACANT HEALTH 3.1% FASHION 1.0%

9.3%

RETAIL PRODUCTS

10.3% PROFESSIONAL SERVICES

MEDICAL

11.3%

20.6%

12.4% BEAUTY

12.4% 18.6% RETAIL SERVICES

FRESH FOOD 1.0% FOOD SERVICES

*SOURCE: Nichols Crowder Research 2018

Due to the arrival of new, younger residents that demand more upmarket offerings, retail offerings are expected to be upgraded over the next few years. Further, Cheltenham Station is being upgraded with more associated parking in line with the removal of the railway crossing.

NICHOLS CROWDER 2018 RETAIL REPORT \ CHARMAN ROAD, CHELTENHAM

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CAULFIELD

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Note: Map not to Scale

PRIMARY AGE GROUPS 28.9% 19.1%

0 YRS TO 19 YRS 40 YRS TO 59 YRS

MEDIAN HOUSEHOLD INCOME

$78,100P.A.

2018 MEDIAN HOUSE PRICE*

$1,100,000

2018 MEDIAN UNIT PRICE*

The older demographics in the area mean that Charman Road is a traditional retail strip, with a fairly even distribution of uses and a bias towards food-based businesses. This is likely to remain the case for the retail strip over the immediate future.

However, an influx of younger residents attracted to the new apartments may demand more up-market offerings.

$590,000

More residents and workers in the Cheltenham catchment area ensure greater activity in Charman Road, driving demand for products and services across the key usage areas.

* Source: REA; 12 months through 30 April 2018

REAL FACTS, REAL SOLUTIONS Commercial & Industrial Real Estate

Sales & Leasing

MOORABBIN \ 9559 3888 \ 358 SOUTH ROAD, VIC 3189 MORNINGTON \ 5925 6005 \ 4/230 MAIN STREET, VIC 3931 CARRUM DOWNS \ 9775 1535 \ 1 COLEMANS ROAD, VIC 3201

Property Management nicholscrowder.com.au

All information and figures are approximates. Particulars herein are for information only and do not constitute any representation by the owner or agent. Information in this report should not be considered as financial advice.

Interested parties should make their own enquiries. If you do not wish to receive further information please contact our privacy officer. Map not to scale.

HWY

GARDENS Charman Road, Cheltenham and the surrounding retail area BANGHOLME can be considered a bit of a “sleeper” strip. Although it is often “over shadowed” by Westfield Southland, strong growth in the number of new apartments and the large number of offices makes Charman Road an increasingly attractive retail option for owners, investors and tenants.

40 YEARS

ONG V ALLEY

MEDIAN AGE

WHAT’S NEW ASPENDALE

DAND EN

DEMOGRAPHICS (ABS CENSUS 2016)

EAST

Retail Precincts Charman Rd Precinct

LINK

ONG B YPASS

RETAIL SECTORS

DAN S