HMC Capital Grows Central Coast Big Box Asset

HMC Capital is expanding a big box retail project on NSW’s Central Coast at a site formerly used for the circus.

The proposed specialised retail premises at Tuggerah is being developed by HMC Capital after the ASX-listed investor acquired the site from Aventus in 2021. 

Under the new DA, HMC wants to add a final $32-million large format retail (LFR) section to the 5.5ha site.

The new development on the 11 Bryant Drive site would deliver two tenancies with associated back-of-house area that, given its size, constituted a warehouse under planning policies, it said.

Specific operational details are not yet known but the tenancies will be in a productivity support-zoned area.

 HMC Capital managing director for real estate Sid Sharma manages the HomeCo Daily Needs REIT under which the project sits.

“HomeCo. Tuggerah is a leisure and lifestyle centre undergoing an expansion, adding 11,200sq m of new space on existing excess land,” he told The Urban Developer.

“This expansion will enhance the existing retail offering and provide essential last-mile and in-store retail solutions to leading national retailers looking to expand or enter into the catchment.”

It is within a mixed-use large-format-retail commercial area with tenants that include Bunnings, Super Centre and a NSW Government ‘Return and Earn’ recycling facility.

▲ A render of the proposed development for the Tuggerah site.

The building will “positively contribute to the high standard character” of a project already approved for the site, the application said. 

This section, which will sit on a previously undeveloped part of the site, was approved in 2022.

Before that, the site was approved for use for circus and market activities.

HMC Capital inked a deal to merge its HomeCo Daily Needs REIT with the retail billionaire Brett Blundy-backed Aventus in 2021. 

Home Consortium Limited agreed to acquire Aventus Group for $82.7 million and the deal was finalised in 2022.