Whether it’s a new construction from the ground up, or extending or re-developing an existing centre, we’re there with you through the entire process from conception to completion, the grand opening on day one and ongoing management.
Feasibility
Cost estimation
Estimating development costs including construction, consultants and approval costs.
Forecasting
Forecasting rental revenue, expenses, net income and capitalised value.
Market research
Population and demographic analysis of main trade areas.
Planning & design
Leasing anchor tenants
Securing the ideal anchor tenants is imperative to the success of any centre. From obtaining funding to attracting desired speciality retailers, securing the most sought after large retailers is essential early in the process. We have established relationships with major Australian retailers from supermarkets to department stores, fashion, electronics, homewares and more. We determine the ideal tenants that best fit the size of the centre and the demographic profile of the main trade area, then work to secure targeted retailers through preparation of marketing materials, presenting to senior management teams and negotiation of lease terms.
Design
We work with architects to design the layout of the centre with a focus on enhancing all aspects of customer experience from entry to exit. We plan for the optimal tenancy mix, design retail spaces around known general usage requirements, consider foot traffic flow, work to accommodate the specific needs of anchor tenants, and consider every detail from car parking to access points and amenities.
Funding
We have strong relationships with all major Australian banks, as well as non-bank lenders for those developments that are outside usual bank lending criteria. We work closely with valuers to ensure an optimum valuation report, and present this with initial feasibility information to lenders to secure funding.
Approval
Including Development Approval preparation and submission with the council, and liaising with key community and stakeholder groups.
Construction & leasing
Construction management
After the initial plans, we work further with architects to complete full working drawings, assess tender applications, appoint builders and consultants, and oversee construction from start to finish.
Leasing specialty retailers
Leasing of smaller specialty shops is completed during this phase. As we do with anchor tenants, we determine the ideal mix of retailers and negotiate lease terms to secure those most desirable for each centre on a case by case basis, depending on each centre’s size and demographics.
Opening & ongoing management
Opening
We ensure a co-ordinated and hyped grand opening of the new centre. This includes ensuring on time completion of construction and opening of all tenants, as well as marketing to main trade areas and event planning for the opening day.
Ongoing management
Whether Millennium’s management services are engaged post-development or you have your own management team, we ensure all systems are up and running prior to opening for seamless operation from day one. This includes accounting and reporting systems, operational manuals and procedures, marketing plans and staff recruitment and training. From there, we offer our complete Management services to ensure the continued success of the centre.