Commercial and residential property news
SUPERMARKET giant Woolworths will try to sell more than $100 million in assets for sale, as it prepares to ramp up its resources for its new Australian hardware sector partnership with US-based Lowes Group.
Woolworths has listed for sale sell three shopping centres, including Sydney’s Thornleigh Marketplace and Pemulway Marketplace – expected to reap about $50 million combined – and one in Queensland’s Caloundra.
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GERMAN supermarket giant Aldi plans to open about 500 new supermarkets on Australia’s east coast, bringing its national total to more than 700.
In Victoria, new supermarkets are earmarked for Abbotsford, Albury, Caroline Springs, Maryborough and Strathdale. By the end of the year, the state will have 75 Aldi supermarkets, up from 69 now. It’s been reported new stores are also earmarked for Geelong’s Newcomb, Hamilton, Horsham, Morwell, Preston, Sebastapol, Swan Hill and Warragul.
Read moreINDEPENDENT supermarket group FoodWorks has purchased retail space at the ground floor of a $160 million apartment tower, being developed on the former HSV-7studio site in South Melbourne.
FoodWorks has paid $1.75 million for the 420 square metre retail space at the bottom of the Elm complex, which it plans to open as a gourmet outlet.
Construction of the 22-level Elm tower started last March, and is due for completion in December 2010. FoodWorks expects to open its doors by September.
Read moreTHE supermarket and office complex built into the walls and roof of Fitzroy’s former Latino dance mecca, the Bullring, has quietly been listed for tender, and is expected to fetch about $14 million.
Icon Constructions redeveloped the former club into a major supermarket and office complex, with a 136-bay car park. Beller Commercial’s Fred Nucara is marketing the property with Vinci Carbone. Coles contributes to 73 per cent of the building’s annual $953,000 rent.
UNINVITING inner-city retail strip Victoria Street, at the suburb border of Abbotsford and the precinct known as North Richmond has attracted a second major retail tenant.
Woolworths this week confirmed a 20-year, 4,000 square metre retail lease at Hive, a $50 million shopping centre and residential project, being developed on a 5,000 square metre site on the north-west corner of Nicholson Street.
Woolworths will join rival Aldi, a large pharmacy, and 22 specialty retailers at Hive, which is due to open in February.
