Something HUGE Has Happened To Those Closed Masters Stores
It’s been 11 months since the collapse of Masters stores, we remember it well - as it seemed to come from nowhere, especially for the employees left without jobs.
Now, it seems there were bigger plans afoot for the huge warehouse spaces Masters stores left behind.
According to a report on news.com.au, nearly $1 billion has been spent transforming the former Masters stores into a major new retail player set to keep shopping centres on their toes.
‘Home Consortium’ is founded by former UBS investment banker David Di Pilla, and is backed by a group of what’s being described as ‘wealthy families’. It’s that group that last year spent around $725 million buying up 61 former Masters stores from Woolworths.
Since then, a whopping $250 million has been spent doing up the stores, readying them for their new venture - and we’re the ones set to benefit.
Already, major retailers including Coles, Woolworths, Chemist Warehouse, JH Hi-Fi, Nick Scali and Toys ‘R’ Us are on board, with more to come.
“Home Consortium is a great news story,” Mr Di Pilla said. “We had Masters closing down at the end of 2016, lots of empty centres, people out of work, tumbleweeds.
“Inside of 11 months (there is) a vibrant new retail entrant into the market in Australia. One quarter of a billion dollars in capital is being spent, positioned in some of the best growth corridors in the country, we estimate over 5000 new jobs.”
So which locations have had the makeover of a lifetime?
Eight of the former sites have already opened at Marsden Park, Penrith and Rutherford in NSW, Pakenham and South Morang in Victoria, and Toowomba, North Lakes and Tingalpa in Queensland.
A further two will open before Christmas, one in Joondalup, WA, and one in Ballarat, Victoria. Mr Di Pilla said Home Consortium would have 30 centres up and running by the end of next year.
“They’re in prime locations, highly visible, 400 car parks on average, really convenient, easy access, best brand retailers all under one roof, great amenities, great facilities, fully airconditioned,” he said.
“And the most important thing is we’re delivering at very competitive rents.”
We look forward to our first visit…