|Written by Marc Pallisco|
|Saturday, 04 October 2008 10:00|
Tags:Real Estate NewsVictoriaColes Announces $40 Million Shopping Centre at Melbourne ShowgroundsAscot Vale
Coles supermarkets property development arm has commenced construction of a $40 million neighbourhood shopping centre in Melbourne’s inner-city.
The Showgrounds Village Shopping Centre in Ascot Vale will be located on Epsom Road, north-west of the Melbourne CBD. It will include a Coles supermarket, 1st Choice Liquor superstore, 30 retail spaces ranging in size from 50 square metres to 600 square metres, and a not-for-profit child care centre able to accommodate up to 120 children.
The heritage listed Woodfull Pavilion, originally used as a dog judging facility about 100 years ago and part of the former Melbourne Showgrounds site, will be retained as part of the commercial development.
Coles Group general manager Tim Boyce says some of the 30 retail spaces have already been leased.
Mr Boyce expects the tenancy mix to include food retailers, a family restaurant, bank, pharmacy, medical centre and convenience shopping retailing.
The restored Woodfull Pavilion will provide a new streetscape for Epsom Road, which is a busy road connecting Racecourse and Maribyrnong roads.
Real estate agency Retail Advantage is handling the retail leasing for Showgrounds Village, which is due for completion in April next year.
According to the Property Council of Australia, a neighbourhood shopping centre is defined as a local shopping centre comprising a supermarket, and approximately 35 specialty shops with a total gross lettable area of less than 10,000 square metres.
It was almost four years ago the State Government announced a $146 million redevelopment of the Melbourne Showgrounds, which saw the amount of public space reduced from 27 hectares to 18 hectares.
The amount of commercial and retail space to service the inner north-western suburbs has been increased.
PPP Solutions, a consortium of financier Babcock and Brown, Multiplex Constructions, Spotless Services, Multiplex Facilities Management and Daryl Jackson Architect, redeveloped the Melbourne Showgrounds site.