Greensborough Plaza

Greensborough Plaza

Greensborough Plaza from Main St.
Location	Greensborough, Victoria, Australia
Coordinates	37°42′14″S145°06′07″E / 37.704°S 145.102°E / -37.704; 145.102
Opening date	1978
Management	JLL
Owner	151 Property
No. of stores and services	~185
No. of anchor tenants	6
Total retail floor area	70,804 m2 (762,130 sq ft)
No. of floors	5
Parking	~2700
Website	greensboroughplaza.com.au
Statistics from Lendlease. [1] [2]

Greensborough Plaza is a major regional shopping centre in Greensborough, Melbourne, Victoria, Australia, approximately 20 kilometres from the CBD.

Known to some locals as “Greensy”, the centre has an extensive range of majors and mini-majors including Coles, Aldi, Kmart, Target, Chemist Warehouse, JB Hi-Fi, The Reject Shop, Rebel Sport, Anytime Fitness and over 170 specialty stores.

The centre also has a dining and entertainment precinct that includes a Hoyts cinema complex.

History and development

Greensborough Plaza facing Main Street with the Dandenong Ranges

Greensborough Plaza and surrounds aerial panorama

Early days

First opening in 1978, the centre was known simply as Greensborough Shopping Centre. Around 1990, the centre was known as Valley Central, and the current Greensborough Plaza name was introduced in 1995. ^{[ citation needed ]} Former major tenants in the centre over the years have included: Waltons department store, Stan Cash, RM Williams, McEwans, Venture, Jewel Food Barn, Franklins No Frills, Dick Smith and World 4 Kids. ^{[ citation needed ]}

Redevelopments

The shopping centre has undergone two major renovations in its lifetime. ^{[2] [3]} The first of these renovations took place in 1990, and the second in 1996 which included the addition of a new 13,000m² Myer department store, the first new store for the chain to open within Victoria in over twenty years. ^{[3] [4] [5]}

In 1998, both Harvey Norman and Rebel Sport both commenced operations at the centre. ^{[6] [7]} Both stores were designed as new larger concept stores which had never been tried by either retailer before. ^{[6] [7]}

Since 2011, the centre has undergone several stages of redevelopment. Stage one in 2011 saw new glass lifts installed in the centre court. Coles underwent a major refurbishment during this period and re-opened in 2012. In July 2011, Aldi and JB Hi-Fi opened on Level 1. Harvey Norman left the centre in 2015, with a much larger JB Hi-Fi store opening in its place later that year. ^{[ citation needed ]}

In 2014, most of the centre's interior was renovated. New lighting was installed around the centre court on levels 2 and 3, as well as through level 3. Painting of the interior walls and new seating were also carried out to give the centre a much more modern feel.^{[ citation needed ]}

In late 2015, a new kids’ precinct opened on level 2, near the Main Street entrance to the centre. A new kids’ play space opened along with a few new stores and new amenities. ^{[ citation needed ]}

In late 2016, a new casual dining precinct opened on Level 3 near the Hoyts cinema complex. Six new restaurants were welcomed to the centre, including well-known eateries Schnitz and The Groove Train. Hoyts itself also underwent a major refurbishment. This included new recliner seats installed in all of the cinemas, as well as an overall modernisation of the complex. A new Ben & Jerry's ice cream shop opened near the entrance, in the old ticket box space.

The latest redevelopment saw the entire Level 1 space undergo a major renovation. New seating and lighting were added, and many new stores opened, although a few of the stores relocated to new spaces including Sculli Bros. and Chemist Warehouse, which were the major tenants in the redevelopment.

Myer controversy

The Level 2 entrance to the Target store in Greensborough Plaza. This picture was taken in October 2012. Because both levels of floor space used to house a Myer department store, Target have a larger range of products here.

In September 1997, it was announced that the Myer department store was to be converted into an outlet for Target, as a Target Home concept store. ^{[4] [8]} Costing A$5 million (1997), the conversion was scheduled for completion by February 1998. ^{[4] [8]}

The store was converted after months of evaluation and market research, on account that the store was not satisfying consumer needs. ^[4] According to research undertaken by the Centre and Coles Myer at the time, customers were preferring to go to larger Myer outlets in the nearby suburbs of Preston (Northland) and Doncaster (Shoppingtown). ^[4] Analysis also suggested that a Target outlet at the centre was more preferred by the centre's target market, and would boost visitors to the centre by 6%. ^[4] The Greensborough Plaza location was the first Target store to be rolled out as part of the Target Home concept. ^[4]

The change cause some significant controversy amongst retailers in the centre, who complained that they had rented in the centre on the key basis of Myer being an anchor tenant. ^[8] Some in the centre had even considered taking legal action against then centre managers Lendlease, particularly in light of what they felt were inflated rent prices based on the stores presence in the centre. ^{[8] [9] [10]}

The situation between tenants and the centre managers continued to escalate, until a merchant group was formed in March 1998 to represent affected retailers in discussions with Lendlease. ^{[10] [11]} One long-time tenant of the shopping centre claimed that his rent had increased by 110% since the naming of Myer as a new anchor tenant in 1995. ^[11]

The Myer store eventually closed on 17 May 1998, with Target opening in its place later the same year. ^[9] Target have since discontinued the Target Home chain and have removed the Target Home branding altogether, replacing it with the ordinary pre-2014 Target logo. As of 2021, Target Greensborough is the largest Target store in Australia. ^{[ citation needed ]}

Ownership

During the 1990s, the centre was part owned by both General Property Trust and then later MLC. ^[12] Unlisted Lendlease managed trust, the Australian Prime Property Fund was the other joint owner during this period. ^[12] During both these owners, the centre was managed by Lendlease. ^[12]

In 2000, MLC sold its stake in Greensborough to SAS Trustee Corporation (State Super), in a $80 million deal. ^{[13] [14]}

In 2005, the centre was owned by SAS Trustee Corporation and Australian Prime Property Fund. ^[15] On 26 May 2005, Australian Prime Property Fund completed the purchase of SAS's 50% share in the centre for A$160 million (2005), giving it full ownership of the centre. ^{[14] [15]}

view from south

In July 2013, Greensborough Plaza was sold to Blackstone. ^[16] In 2022 it was sold to 151 Property. ^[17]

Transport

Aerial view of the suburb with Greensborough Plaza in the centre

Greensborough Plaza provides parking for around 2815 vehicles and is serviced by trains, 10 bus routes and taxis.

Parking

Adjoining the plaza is a seven-level multideck carpark (six levels undercover), accessible via The Circuit. An additional three levels of parking are located above the Target store (two levels undercover).

Public transport

Greensborough Plaza is directly serviced by SmartBus route 902 as well as seven regular bus routes (513, 517, 518, 520, 562, 563, 566, 343), with bus stops located outside the main plaza entrance on Main Street. A taxi rank is also located adjacent to the bus stops on Main Street. The stop for bus route 293 can be reached by a 200-metre walk north east from the plaza along Main Street. Greensborough railway station is located nearby and is a 500-metre walk east from the plaza to the station. SmartBus route 901 stops outside the station.

References

1. "Portfolio Report" (PDF). Lendlease. 30 December 2006. p. 19. Retrieved 27 July 2007.
2. "The Centre, Greensborough Plaza". Lendlease. Archived from the original on 14 August 2007. Retrieved 27 July 2007.
3. Spike Boydell (July 1998). "An analysis of the investment appraisal of enclosed regional shopping centres : An Australian perspective" (PDF): 303. Archived from the original (PDF) on 26 February 2007. Retrieved 18 July 2007.{{cite journal}}: Cite journal requires |journal= (help)
4. "Greensborough Myer to Target". Inside Retail . 1 December 1997. Retrieved 27 July 2007.
5. "Company Profile" (PDF). Walter J Pratt Pty Ltd. Archived from the original (PDF) on 29 August 2007. Retrieved 27 July 2007.
6. "Harvey Norman breaking new ground with concept". Inside Retail. 27 July 1998. Retrieved 27 July 2007.
7. "Rebel to introduce new design in superstore". Inside Retail. 13 July 1998. Retrieved 27 July 2007.
8. Ashley-Griffins, Katy (7 September 1997). "The newest Myer store in Melbourne to close". Sunday Herald Sun . p. 33.
9. "Controversial Myer store closes its doors". 18 May 1998. Retrieved 27 July 2007.
10. "Tenants in rents revolt over dept store closure". Inside Retail. 9 March 1998. p. 1. Retrieved 27 July 2007.
11. Taylor, Tanya (16 March 1998). "New tenants group seeks plaza compo". Herald Sun . p. 55.
12. Kelly, Martin (17 April 2003). "Big stores put into the irrelevant department as nimble rivals rule - Commercial Property". The Australian .
13. Dunlevy, Maurice (12 November 1999). "MLC sheds poor assets in two states". The Australian .
14. Manning, Paddy (19 May 2005). "Greensborough Plaza in APPF spectrum for $160m". The Australian .
15. "Australian Prime Property Fund acquires remaining interest in Greensborough Plaza, Melbourne". Lendlease . 26 May 2005. Retrieved 27 July 2007.
16. Blackstone Buys Melbourne Mall for $333 Million Wall Street Journal 2 July 2013
17. "Blackstone on retail exit ramp with $420m Greensborough Plaza sale". Australian Financial Review . 9 March 2022. Retrieved 22 June 2024.

External links

• Official website

37°42′14″S145°06′07″E / 37.704°S 145.102°E / -37.704; 145.102