Coles picks up growth corridor town centre site
Coles Group has snapped up a permit-ready town centre site in Melbourne’s south east.
In a deal worth just under $19.5 million, sources say, 370S Pattersons Road, Clyde, at the Clyde North border, is set for a mixed-use complex the supermarket will anchor.
Specialty retail also forms part of the design as do spaces for daily needs services, in childcare and health.
Longer term, with the extension of nearby Bells Road, the 3.53 hectare parcel could also accommodate public transport.
Coles is a good bet to sell the asset after completion – a practice for which it has form, including in 2023 across town, Cobblebank Village, near Melton.
Also in the area, at Clyde North, this month, sources say Charter Hall is quietly offloading the Bunnings it bought for $42.3m in 2020 at 46S Hamersley Drive.
Coles buys into growth corridor
Balcon Group sold 370S Pattersons Rd; branded the Orana Town Centre, the island parcel also exposed to Riverland Rd is part of a 42ha estate, Orana, master-planned for over 4000 dwellings and a waterways park bigger than the Royal Botanic Gardens.
It also forms part of the approved Cardinia Creek South Structure Plan – not far from existing amenity including primary and secondary schools.
Coles bought in following a marketing campaign in mid-2023, prior to a permit, but just settled with one.
The deal comes a year since we reported the group purchased a major town centre and residential development site, again in Melton, but in the pocket of Kurunjang.
Big names back Cardinia
Frasers Property, Mirvac and Stockland are amongst major developers behind housing estates in the growth corridor, 55 kilometres from the CBD, in the Cardinia shire.
Earlier this month we reported ex-footballer turned developer Fraser Brown, via his Brown Property Group, secured a 69ha ex-kale farm in the pocket – 200 Tuckers Rd, Clyde North.
LAWD’s Peter Sagar and Paul Callanan marketed that block.
The same agents with Core Projects’ Trent Malcolmson and Kane Malcolmson represented Balcon for 370S Pattersons Rd.
Settlement comes three days since we reported rival Woolworths won an ACT-government tender for a supermarket-based shopping centre, and some 106 dwellings, at Moncrieff.
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