Woolworths secures Melbourne town centre site
Woolworths has quietly picked up the retail stake in a proposed Melbourne growth corridor mixed use project.
Via development arm Fabcot, the group paid c$22.5 million ex-GST for a 12.3 hectare piece – half – of the Rockbank North Town Centre at 886-940 Beattys Road, Aintree.
Developer and former Wyndham councillor, Intaj Khan, is the seller.
A shopping centre with dining and entertainment precinct, and civic spaces, are planned (artist’s impression, top).
CBRE’s David Minty and Trent Hobart were the agents.
Town centre site halved
The Rockbank North Town Centre spreads 24.6ha.
It failed to sell when offered whole last year.
Mr Khan’s CountryLand Australia will now retain the northern half with plans for residential and commercial – including a hotel, sports centre and student accommodation – with an end value circling $400m.
The parcels abut Mirvac’s 7000-lot Woodlea community, expected to house up to 20,000 residents, near housing estates by 3L Alliance, Golden Age, Oliver Hume, Resi Ventures and Villawood.
CountryLand is also developing a residential community nearby – Rockbank Waters, with 450 lots.
Mr Khan also bought a 5.5ha Tarneit block in 2021 with plans for an education and health precinct (continues below).
Keeping up with Coles
Mr Khan paid $14.5m ex-GST for the 24.6ha Aintree parcel in 2015.
“It is great to be able to have the town centre realised for the local community which is in need of another major retail centre to support the growing population here – along with the future residents expected from the Melton East Precinct Structure Plan,” he said of the on sale.
“Retaining the northern part of the land will enable me to realise my vision through a complementary development,” he added.
“My vision for Melbourne’s west remains strong…I am heavily invested in this region because I truly believe the west is the best place for investors,” according to the developer.
“When I first purchased this land…few could see its potential.
“Today it has generated sales exceeding $50m”.
Aintree,28 kilometres west of town, was one of 11 suburbs created in 2017 to not overweight Melton, Plumpton and Rockbank – where significant housing product is expected.
The deal comes nearly two years since we reported Coles paid $33m for a 17.1ha town centre site at nearby Kurunjang.
In 2022 meanwhile, that retailer developed Cobblebank Village, also in the pocket, then sold it with a long part-leaseback – something Fabcot is expected to do with Aintree.
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