New General Manager spurs expansion into regional Victoria
Regional commercial investment has been strong in recent years and while Covid-19 has impacted some sectors, demand has been high for food chain, warehouse and distribution assets.
Burgess Rawson Victoria was delighted to welcome the highly accomplished Wendy Thomson to the newly created position of General Manager in early July, and has recently opened a regional office in Mildura to leverage new opportunities in this growth hotspot.
Wendy Thomson has been appointed to spear-head the strategic growth plan in Victoria following the consolidation of the Eastern Seaboard businesses in 2021 and brings an incredible skill set built during her 25-year career, and an exceptional clientele.
Burgess Rawson CEO Ingrid Filmer said “Wendy is an exceptional industry talent with a phenomenal track record in sales, leasing, management and training. She has built two successful businesses, and holds the accolade of being considered Australia’s best Commercial Real Estate Trainer which is an invaluable experience as we focus on developing and attracting the industry’s top talent. We are thrilled to have her onboard and leading our Victorian business.”
Wendy said she was “incredibly excited to have joined Burgess Rawson at a time when the company is not only disrupting the major commercial property markets, but also delivering strategies to take advantage of prospective regional markets”.
CPMS Commercial, Wendy’s commercial lease and asset management business merged into Burgess Rawson as part of her appointment, bringing into the business some enviable clients and bolstering presence in NSW and Victoria, including in key regional cities.
Establishing the new office in Mildura was an important strategic decision for the business. The regional city located on the Victorian side of the Murray River is famous for horticulture and its hot climate and it’s a major regional hub for several small towns within a 100-kilometre radius which are located across Victoria, NSW and South Australia. It is well connected as it has Victorian’s largest regional airport, another positive for investors.
Mildura has been a beneficiary of the pandemic, having welcomed new residents swapping major Victorian cities for a lifestyle offering an exceptional food and wine experience. This increased popularity has driven up residential property prices, but similarly has fuelled the current ‘hot’ commercial property market.
Wendy points out that “regional commercial investment has been strong in recent years and while Covid-19 has impacted some sectors, demand has been high for food chain, warehouse and distribution assets.”
The new office enables Burgess Rawson to provide additional, sales, leasing and asset management services in Mildura and also in nearby NSW and South Australia. One team member is already onboard, with second due to commence and more to follow. The wider Victorian team will also continue to support the region and build on recent success which includes the sales of Good Guys and Officeworks both in Mildura.
Both of these key retail sales achieved record results, with The Good Guys on Fifteenth Street selling for $4,200,000 on a 3.75% yield, and the Officeworks along Deakin Street selling for $2,885,000 on a 4.73% yield, this being despite preceding interest rate rises. The trend in the regions mirrors that in the major cities and across most assets categories, with interest rate rises having minimal impact on demand or price of commercial properties.
In addition, CPMS Commercial, now part of Burgess Rawson, have also had recent success with leases, sales and asset management contracts for a number of retail, food and businesses in Mildura and surrounding areas including;
- Refurbishment of 93-97 Seventh Street Mildura to create Customs House; boasting a generous, well-appointed floor-plan with maximum versatility for workspace configuration and building intelligence. Leased to Elders, Harvest Wealth, Crawford’s plus exceptional new tenants commencing 2023.
- Sale to developers of a new large format retail opportunity adjacent to an Aldi supermarket in an exciting new precinct in Mildura
- Lease of two warehouses (2,000sqm* and 3,000sqm* in size) located in Mildura to leading global packaging and paper manufacturer, Visy
The forecast for the commercial property in regional Victoria is certainly warming up, and with an added presence in Mildura and strong team under Wendy’s leadership, the number of opportunities for investors are set to accelerate in Quarter 2 and beyond so watch this space.