Greensborough Plaza

infobox shopping mall
shopping_mall_name =Greensborough Plaza

---

image_width =250px
caption =Aerial view of the suburb, Greensborough Plaza in the centre
location = Greensborough, Victoria, Australia
coordinates = coord|-37.704|145.102|display=inline|format=dms
opening_date =1978
owner=Lend Lease through the Australian Prime Property Fund
manager=Lend Lease Retail Group
developer=
number_of_stores =
number_of_anchors =
floor_area =58,000 m² (624,000 ft²)
parking =
floors=3
website = [http://www.greensboroughplaza.com.au/ greensboroughplaza.com.au]
footnotes=Statistics from Lend Lease.cite web |url=http://www.lendlease.com.au/llweb/llc/main.nsf/images/pdf2006_halfyear_portfolio.pdf/$file/pdf2006_halfyear_portfolio.pdf |title=Portfolio Report |accessdate=2007-07-27 |last= |first= |authorlink= |coauthors= |date=2006-12-30 |year= |month= |format= |work= |publisher=Lend Lease |pages=19 |language= |archiveurl= |archivedate= |quote= ] cite web |url=http://www.greensboroughplaza.com.au/llretail/greensborough/main.nsf/all/ab_centre |title=The Centre, Greensborough Plaza |accessdate=2007-07-27 |last= |first= |authorlink= |coauthors= |date= |year= |month= |format= |work= |publisher=Lend Lease |pages= |language= |archiveurl= |archivedate= |quote= ]

Greensborough Plaza is a major shopping centre, located in Greensborough, Victoria a suburb of Melbourne, Australia.

History and Development

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. Former major tenants in the centre over the years have included: Stan Cash, McEwans, Venture, Jewel Food Barn, Franklins No Frills and World 4 Kids.

Redevelopments

The shopping centre has has undergone two major renovations in its lifetime.cite paper | title = An analysis of the investment appraisal of enclosed regional shopping centres : An Australian perspective | author = Spike Boydell | url = http://www.usp.ac.fj/fileadmin/files/faculties/islands/landmgmt/publications/boydellphd.pdf | date = July 1998 | pages = pp.303 | accessdate = 2007-07-18 ] The first of these renovations took place in 1990, and the second in 1996 which included the addition of a new 13,000m² Myer store, the first new store for the chain to open within Victoria in over twenty years.cite news |coauthors= |title=Greensborough Myer to Target |work= [http://www.insideretailing.com.au/ Inside Retailing] |page= |date=1 December 1997 |accessdate=2007-07-27 ] [cite web |url=http://www.wjpratt.com.au/docs/company%20profile%200804.pdf |title=Company Profile |accessdate=2007-07-27 |last= |first= |authorlink= |coauthors= |date= |year= |month= |format= |work= |publisher=Walter J Pratt Pty Ltd |pages= |language= |archiveurl= |archivedate= |quote= ]

In 1998, both Harvey Norman and Rebel Sport both commenced operations at the centre.cite news |coauthors= |title=Harvey Norman breaking new ground with concept |work= [http://www.insideretailing.com.au/ Inside Retailing] |page= |date=27 July 1998 |accessdate=2007-07-27 ] cite news |coauthors= |title=Rebel to introduce new design in superstore |work= [http://www.insideretailing.com.au/ Inside Retailing] |page= |date=13 July 1998 |accessdate=2007-07-27 ] Both stores were designed as new larger concept stores which had never been tried by either retailer before.

Myer controversy

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.cite news |first=Katy |last=Ashley-Griffins |authorlink= |author= |coauthors= |title=The newest Myer store in Melbourne to close |url= |format= |work= |publisher=Sunday Herald Sun |id= |pages= |page=33 |date=7 September 1997 |accessdate= |language= |quote= ] Costing $5 m AUD (1997), the conversion was scheduled for completion by February 1998.

The store was converted after months of evaluation and market research, on account that the store was not satisfying consumer needs. According to research undertaken by the Centre and Coles Myer at the time, customers were preferring to go to larger Myer outlets in the neighbouring suburbs of Northland and Doncaster. 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%. The Greensborough Plaza location was the first Target store to be rolled out as part of the Target Home concept.

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. Some in the centre had even considered taking legal action against then centre managers Lend Lease, particularly in light of what they felt were inflated rent prices based on the stores presence in the centre.cite news |coauthors= |title=Controversial Myer store closes its doors |work= [http://www.insideretailing.com.au/ Inside Retailing] |page= |date=18 May 1998 |accessdate=2007-07-27 ] cite news |coauthors= |title=Tenants in rents revolt over dept store closure |work= [http://www.insideretailing.com.au/ Inside Retailing] |page=1 |date=9 March 1998 |accessdate=2007-07-27 ]

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 Lend Lease.cite news |first=Tanya |last=Taylor |authorlink= |author=Herald Sun |coauthors= |title=New tenants group seeks plaza compo |url= |format= |work= |publisher=Herald Sun |id= |pages= |page=55 |date=16 March 1998 |accessdate= |language= |quote= ] 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.

The Myer store eventually closed its doors on 17 May 1998, with Target opening in its place later the same year.

Ownership

During the 1990's, the centre was part owned by both General Property Trust and then later Lend Lease subsidiary MLC Limited.cite news |first=Martin |last=Kelly |authorlink= |author= |coauthors= |title=Big stores put into the irrelevant department as nimble rivals rule - Commercial Property |url= |format= |work= |publisher=The Australian |id= |pages= |page= |date=17 April 2003 |accessdate=2007-07-28 |language= |quote= ] Unlisted Lend Lease managed trust, the Australian Prime Property Fund was the other joint owner during this period. During both these owners, the centre was managed by Lend Lease.

In 2000, MLC sold it's stake in Greensborough to SAS Trustee Corporation (State Super), in a deal said to be valued at around $80 m AUD (1999).cite news |first=Maurice |last=Dunlevy |authorlink= |author= |coauthors= |title=MLC sheds poor assets in two states |url= |format= |work= |publisher=The Australian |id= |pages= |page= |date=12 November 1999 |accessdate=2007-07-28 |language= |quote= ] cite news |first=Paddy |last=Manning |authorlink= |author= |coauthors= |title=Greensborough Plaza in APPF spectrum for $160m |url= |format= |work= |publisher=The Australian |id= |pages= |page= |date=19 May 2005 |accessdate=2007-07-28 |language= |quote= ]

In 2005, the centre was owned by SAS Trustee Corporation and Australian Prime Property Fund.cite web |url=http://www.lendlease.com.au/llweb/llc/main.nsf/all/news_20050430_llc |title=Australian Prime Property Fund acquires remaining interest in Greensborough Plaza, Melbourne |accessdate=2007-07-27 |last= |first= |authorlink= |coauthors= |date=26 May 2005 |year= |month= |format= |work= |publisher= |pages= |language= |archiveurl= |archivedate= |quote= ] On 26 May 2005, Australian Prime Property Fund completed the purchase of SAS's 50% share in the centre for $160 m AUD (2005), giving it full ownership of the centre.

tatistics

Total annual retail sales at the centre by March 2005 came to $312 m AUD.

Transport

The centre is serviced by the nearby Greensborough railway station, which provides intermodal transport options including bus and train.

Facilities

Major Retailers

The following major retailers operate within the centre:cite web |url=http://www.greensboroughplaza.com.au/llretail/Greensborough/main.nsf/webstoresalpha?openview&count=999999 |title=Stores, Greensborough Plaza |accessdate=2007-07-27 |last= |first= |authorlink= |coauthors= |date= |year= |month= |format= |work= |publisher=Lend Lease |pages= |language= |archiveurl= |archivedate= |quote= ]
*Kmart
*Two Coles supermarkets (one being a former Bi-Lo)
*Vintage Cellars
*Rebel Sport
*Hoyts 8 Cinemas
*Target
*Harvey Norman Computers & Electrical
*Dick Smith Electronics

Major food restaurants

Major food retailers within the centre include:
*McDonalds, two outlets: a standalone store in the outdoor carpark opposite Vintage Cellars, and another in the Palm Food Court on Level 3.
*Red Rooster
*Nando's
*Wendy's, two outlets
*Donut King, two outlets

Parking

Adjoining to the Plaza is a seven-level multideck carpark, accessible via The Circuit. An additional three levels of parking are located above the Target store. Parking at Greensborough Plaza is free, however a 3 hour limit applies on most parking levels. Some outdoor parking is also available near the entrances to the Coles supermarkets: these areas have a 90 minute limit.

References

External links

* [http://www.greensboroughplaza.com.au/ Greensborough Plaza website]