Coles and Kmart will take lead tenancies in Queensland’s Yamanto Central, described as a “next-generation sub-regional centre”.
Yamanto is 35km from inner-city Brisbane and 5km south of the Ipswich CBD.
There are already about 44,360 people living within Yamanto Central’s primary trade area. According to projections, the primary trade area will grow to about 63,000 people over the next decade.
DMA Partners’ leasing team brokered the deals, which will see Kmart take a 6,600sqm tenancy. Coles will open a 3,920sqm market-style supermarket.
Coles will anchor Yamanto Central’s new concept food and market precinct – Market Central. It will have a full-line supermarket featuring an extensive range of fresh produce and groceries.
As well as Coles and Kmart, Yamanto Central will feature more than 8,000sqm of specialty, lifestyle and health retailing. There will also be an outdoor dining and restaurant precinct.
‘Signal of confidence’
Yamanto Central developer JM Kelly Group and development partner DMA Partners say they believe the signing of Coles and Kmart will send a “strong signal of confidence” to smaller and complementary retailers.
DMA Managing Director Ryan Andersen said, “Without question, Kmart is the dominant discount department store of the moment. They’ve made a strategic decision to open a new store in the heart of this booming region.
“Similarly, Coles has taken the opportunity to invest in the Yamanto-Ipswich region. The retailer will be key to servicing the local area, which is growing at a rate of 50 per cent above the national average.
“Quite simply, Coles and Kmart have secured the anchor tenancies in Yamanto Central, so that they can meet the needs of the growing population.”
Current data puts the underserviced retail demand in the local area at about 44,000 residents. The growth prediction is 3.6 per cent per over the next 10 years.
Mr Andersen said, “Almost two-thirds of this growth will come from the new communities sitting right around Yamanto Central. Plus there is the continued growth in activity at RAAF Base Amberley.
“Yamanto Central will redefine the concept of a sub-regional shopping centre. It truly is next-generation retailing.”
