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The State Government’s controversial Melbourne 2030 policy – which encourages medium and high density housing in established suburbs – is driving the development of a new $50 million homemaker centre in Coburg.
Melbourne-based private developer Baron Corporation this week unveiled plans for a new 24,000 square metre bulky goods centre, which recently started construction on the prominent and historic Lincoln Mills factory in Gaffney Street.
The Lincoln Mills Homemaker Centre, as it will be known, will be anchored by an 11,255 square metre Bunnings Superstore, as well as a 3800 square metre Clive Peeters, a 1,119 square metre Officeworks Superstore and a further 8,000 square metres of space in seven bulky goods showrooms. The centre will include parking for 667 cars.
Bunnings currently operates a much smaller trade supply store at the corner of Gaffney and Sussex streets nearby, which it will close in October. It has signed at Lincoln Mills for 12 years at an undisclosed rent.
Baron Corporation managing director Stewart Baron says recent medium density development in and around Coburg, which includes the nearby redevelopment of the old Pentridge Prison, is driving the need for a bulky good retail centre in the inner-city.
Mr Baron, whose family interests have owned Lincoln Mills and many surrounding sites for more than ten years, says the homemaker centre will service a large and growing population in Melbourne’s burgeoning north.
The centre is expected to derive part of its catchment from the inner northern suburbs of Carlton and Brunswick, which haven’t had access to local bulky goods retailing. The nearest competing centres to Lincoln Mills include Northland in Preston and Essendon Fields. Clive Peeters has a retail outlet in Richmond.
According to an independent impact study by economist Tony DiMasi, of DiMasi & Associates, population in the catchment of Coburg is expected to grow from 178,200 to 185,600 by 2016.
Most new apartment development is expected to be built around the Coburg train station, where the Moreland City Council is reviewing expressions of interest to redevelop 12 hectares of prime development sites behind Sydney Road, into a new mixed use village.
In total, more than 3000 apartments are expected to be developed as part of the initiative, which will also include 65,000 square metres of retail and office space.
A Moreland City Council spokeswoman said an announcement on the redevelopment is expected to be made later this year.
New medium density homes will also be built on the 27 hectare former Kodak Australasia site, which was acquired by Babcock & Brown in 2006 for $39 million.
Gross Waddell associate director Joseph Carbone who is marketing the Lincoln Mills Homemaker Centre says Bunnings committed to the site last year, before planning approval was obtained to develop the site – one of the oldest surviving factories in Melbourne.
He said retail rental levels for bulky good space in the project starts at about $200 per square metre, and that the centre will be open for business in October.
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