Bankstown. Pick up in bulky goods sector

CBRE’s Bulky Goods senior negotiator, Shane Cook, said while it was too early in the year to call a complete rebound in the bulky goods sector, there were signs of improving fundamentals: “Within the first few months of 2011, there has been a significant uptake of existing stock,” He said a prime example was the Home Focus Bankstown centre which was bought during the GFC by a private investor. The centre had a poor lease expiry profile and multiple vacancies, however, in early 2011, four lease deals and a number of lease renewals resulted in an almost fully leased centre, indicating solid demand for existing premises. “Over the next three years, 17 major projects are forecast with these big box retailers set to drive the majority of new developments, accounting for over 109,000 square metres of planned projects,” he said