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
M
AR CH AD RO
NEPEA
N HIG
HWAY
AD PARK RO AD N RO
CHELTENHAM TRAIN STATION
AN
M
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
ASHBURTON MOUNT WAVERLEY
GLENHU
NTLY RO AD
ELSTERNWICK
WHEELERS HILL
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AN
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DENDY ST
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RD
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BENTLEIGH EAST
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CLARINDA
HAMPTON MOORABBIN CHESTE RVILLE RD
SPRINGVALE HEATHE
RD
CHELTENHAM
BLACK ROCK
BALCOM
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HEATHERTON
PARKDALE CO
KEYSBOROUGH LOWERD ANDENO
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BEAUMARIS
BE RD
RTON RD
DINGLE
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AN RD
WARRIG AL
PARK RO AD
CHARM
RESERV E ROAD
BLUFF R
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BAY ROAD
CLAYTON SOUTH
BOUNDA
SANDRINGHAM
NG RD
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MENTONE PDE
N STREET
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SOUTH R
BRAESIDE DANDEN
DANDENONG
MORDIALLOC GO VERNO
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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