Coles secures another growth corridor town centre site
Mirvac has sold the most significant commercial component of a major housing estate in Melbourne’s south east.
Coles is the buyer of the Smiths Lane Town Centre in Clyde North, following an off-market deal.
It is planning a daily-needs focused shopping centre to anchor, also with specialty stores, dining options and public spaces.
Seven months ago we reported Mirvac sold the housing estate’s contemporary outgoing display centre to Oreana which is planning to repurpose it as a childcare centre.
Coles doubles down in Clyde
The Clyde North property is the second major town centre Coles has bought in the pocket recently -the other, in Clyde, at the Clyde North border, cost $19.5m from Balcon Group in June.
“Coles is a proven retail developer and will also become the major tenant and owner of the future precinct – marking the next step in bringing our shared vision for a thriving community hub to life,” a Mirvac spokesperson said in a statement.
“From here, Coles will lead the next phrase of the precinct’s delivery including detailed design, planning amendments, leasing and construction,” according to the representative.
“As the master developer, we remain actively committed to the broader vision for the Smiths Lane community and will continue to lead the delivery of homes, key infrastructure and community initiatives,” they added.
Clyde North is about 46 kilometres from Melbourne’s CBD in the Casey shire, the state’s biggest and – this year – fastest growing municipality.
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