The triangular portion of the Ikea car park available for lease. Photo: Colliers.
Canberra’s cult home furnishing store is looking for a business partner on its Majura Park site.
One of the best performing Ikea outlets in the country, the Canberra store has identified a section of its large car park that is staying relatively empty.
Typical of the clever Swedes behind Ikea, it sees this wasted space as an opportunity for a mutually beneficial arrangement.
Colliers is marketing the 4000 square metre corner site for a long-term lease. The new business would develop and fit out its own premises.
Colliers associate director of Office Leasing, Caleb Brinton, said Ikea had reviewed its portfolio and realised there were just too many car parks on the Majura Park site.
“They see it as a pretty appealing prospect to have somebody that can both benefit from their drawcard but also potentially draw more people to the area themselves,” he said.
Majura Park is a booming retail and commercial hub and home to some of Canberra’s – and Australia’s – most successful and popular brands and retailers.
Mr Brinton said Ikea hadn’t specified an ideal user and asked Colliers to cast a wide net “which is why we’re running it as an expression of interest (EOI) process and see what you can shake out”.
He said the site lent itself to a large format retail group, a quick services retail group or a food and beverage offering.
“You look around what’s already in the airport shopping precinct and there’s your Barbeques Galore, your Pet Barn, all those kinds of things, and that’s what we from an agency perspective think is probably the right user.”
Ikea has its own Swedish-style cafe, so a food and beverage outlet would need to offer something different.
Mr Brinton said Ikea would not allow a direct competitor to set up next door but a complementary service would work.
He said Colliers was reaching out nationally and leveraging its retail team contacts to attract the widest possible interest from potential businesses.
“It’s fundamentally a great location and a great opportunity,” he said.
Colliers executive of Metropolitan Markets, Ollie White, said apart from the location, the flexibility of the opportunity would be particularly attractive to the market.
“Long term this has the potential to result in an outstanding and cost-effective investment opportunity,” he said.
“It also provides the tenant with control of the final bricks and mortar product and fitout.”
There has already been interest, locally and from interstate.
The EOI process closes at the end of next month.
