As the $1 billion Moreland City Council-led “Coburg Initiative” takes shape around nearby Sydney Road and Bell Street, it’s expected medium density residential projects will replace factories in the precinct near Coles new site.
Businesses belonging to Coles and rival Woolworths benefited from the Federal Government’s controversial cash stimulus handouts in each of 2008 and 2009.
Since that time, the two retail giants have capitalised on the a decreased demand for real estate assets assets, swooping on several development sites, with view to developing them into supermarkets, hardware stores, or mixed use villages with a component of apartments and offices.
A Coles representative was unavailable when contacted by Capital Gain.
CVA director Anthony Carbone, who marketed the site, declined to comment on any part of the deal when contacted by Capital Gain.