PROPERTY PROPERT
HOT PROPERTY On the hunt for a booming business location? Check out these areas on the move.
C
hoosing the right site for your new business is almost as important as the business model itself. A great location can be the gateway to growth, but on the flip side, poor site selection can put an end to your franchise dream before it begins.
Whether it’s fast food or fitness, it’s all about location. Some business models thrive on specific fittings and formats. For instance, smoothie bars and cafes can work well as kiosk concepts in shopping centres, while print and business services providers will tend to fare better in CBD areas. If you want to get started strongly, it’s critical that you understand not only who your customers are, but where your customers are. It’s not always an easy premise, and getting the mix right can often take time and money, but the onus is on you to search out the right area and site selection for your specific model. However, with a wealth of new and exciting developments on the horizon, it shouldn’t be too hard to snag a sizzling hot opportunity. Here are some of the biggest projects on offer for aspiring entrepreneurs to get into.
CHADSTONE SHOPPING CENTRE Chadstone Shopping Centre may have already been regarded as the nation’s premier retail and shopping district, but the Melbourne precinct is set to grow significantly. In December, property firm Vicinity Centres unveiled a development plan worth a staggering $685 million. Under the project, Chadstone will cop an upgraded fresh food precinct, larger dining terrace, leisure precinct and a vastly expanded luxury retail mall. “Our customers and community have told us they want more dining and entertainment at Chadstone, so our plans include an extended dining precinct and additional fresh food to match their lifestyle needs,” Chadstone director Fiona Mackenzie says. The move will add an extra 43,000 square metres of trade, but for prospective franchisees the real opportunity lies in the additional 4300 square metres of traditional retail and 1450 square metres of cafe space. “We’re combining world-class, experience-led retailing, convenient services, office space and accommodation, all enabled by robust public transport connections,” Mackenzie explains. The monster development allows cafe and retail concepts to capitalise on Australia’s growing love of luxury brands, leveraging increased foot traffic to drive business. But it isn’t the only Victorian precinct set to score a fresh new look.
FEB/APR 2020 | 115 | WWW.FRANCHISEBUSINESS.COM.AU
