New Fishermans Bend supermarket trades for $17.5m
Andrew Rettig’s R.Corporation has sold a strata titled supermarket on the ground and mezzanine floor of the conspicuous R.Iconic, in Fishermans Bend.
The 2345 square metre Coles Local anchored tenancy at 263 Normanby Road, on the south east corner of Boundary Street, South Melbourne, collected $17.5 million.
Excluding the mezzanine component and 17 car parks, the result values lettable area at $10,000, the marketing agents said.
R.Iconic rises 31 storeys with 456 units.
A second building is soon set to start construction with 471 apartments over 40 floors.
Also today we are reporting a new Aldi anchored supermarket in West Melbourne sold to MPG Fund Management for $14.4m.
Last month, meanwhile, Coles outlaid $17.2m for a Hampton store it rented since 1988.
Australia’s biggest urban renewal project
Fitzroys’ Chris Kombi, Chris James and Ben Liu brokered the Coles Fishermans Bend deal.
Also with a Liquorland tenancy and loading dock, the initial lease expires in 2034 (story continues below).
The address forms the Montague precinct – where some 4800 dwellings have been constructed within 500 metres.
Montague is one five areas in the 480 hectare Fishermans Bend urban renewal zone – the country’s biggest urban renewal precinct – also set to contain significant commercial over a construction timeline of over 20 years.
“Inner city Coles investment opportunities are extremely rare, let alone with this unrivalled level of trade growth potential,” Mr James said.
“This campaign and the result were essentially a big show of faith from investors in the future of Fishermans Bend,” he added.
“The R.Iconic development is one of the best new buildings in the precinct, which further drove the heated competition between buyers,” according to the executive.
“Coles is perfectly positioned opposite the Montague Street Light Rail station providing access to thousands of daily commuters and a direct route to the Melbourne CBD and surrounding suburbs.
“The property is [also] walking distance to Crown Casino, Southbank Promenade and…Docklands”.
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