Masters' $1 billion miracle
Three months after Home Consortium announced it would be transforming 40 former Masters Home Improvement stores into warehouse-style shopping centres, the doors of 10 locations are finally being opened – just in time for Christmas.
Last year, UBS investment banker David Di Pilla and a group of wealthy backers spent around $725 million buying up the former sites from Woolworths. They have since spent a further $250 million transforming 40 locations into centres with 38 retailers including Coles, Woolworths, Chemist Warehouse, JB Hi-Fi, Nick Scali and Toys ‘R’ Us.
“Home Consortium is a great news story,” Di Pilla told news.com.au. “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 5,000 new jobs.”
Eight locations at Marsden Park, Penrith and Rutherford in NSW, Pakenham and South Morang in Victoria and Toowoomba, North Lakes and Tingalpa in Queensland have already begun trading, while two more are set to open before Christmas – one in Joondalup, WA and one in Ballarat, Victoria.
Di Pilla says he expects to have 30 more Home Consortiums 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.”
Tell us in the comments below, has a Home Consortium opened near you? If you’ve already visited it, what did you think?