Tool retailer secures 33rd store
EXPANDING power tool retailer Sydney Tools will move into its 33rd Australia store next month after securing space in an upgraded shopping centre in Brisbane's southside.
Sydney Tools, which supplies equipment for tradies, is one of a number of new tenants in the Clarence Property-owned Zone Underwood which is about 90 per cent occupied.
It has a seven-year lease on the 1873sq m space that was occupied by Best Friends Pets which has relocated to another 1118sq m of space on a 10-year lease in another section of the shopping centre.
The power tool retailer plans to operate more than 40 stores, with four more store openings slated for Queensland before the end of the year.
Meanwhile Bags to Go has leased a 334sq m store on a five-year term, providing the retailer with its 24th store nationally and 11th in Queensland.
Long-term tenants Fernwood Fitness and Officeworks have also cemented their locations at Zone Underwood with lease renewals of 10 and seven years respectively.
CBRE's Sam Macgregor and Andrew Brimson struck the deals totalling 6266sq m - representing close to 60 per cent of the centre's total lettable area.
"The centre is now 90 per cent occupied with ongoing discussions for the balance of the vacant area - highlighting rising interest for large format leasing opportunities in prominent locations," Mr Macgregor said.
Clarence Property acquired Zone Underwood on the corner of Kingston and Compton roads m in April 2018 and embarked a refurbishment.
Clarence Property managing director Peter Fahey said the fund manager invested more than $1.5 million in improving the performance and environmental credentials of the centre, including painting, new signage, refurbished amenities, security cameras, LED lighting and a 100kW solar system.
"We are very happy with the improvements directly resulting in an increase in leasing activity," he said.