Axiom Properties Sells Adelaide Bulky Goods Complex For $18.8 Million

AXIOM Properties has sold a freestanding Bunnings warehouse outlet in Islington, South Australia, to a private investor for $18.8 million.

The 12,600 square metre property includes a building leased to the Wesfarmers owned hardware retailer for 15 years, with two further five year options.

Bunnings started trading from the Islington store three months ago.

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Target Signs Major Office Lease in St Kilda Road, Melbourne

RETAIL giant Target has leased 4462 square metres of office space on Melbourne city-fringe office market, St Kilda Road.

The Wesfarmers controlled group chose the building because of its proximity to the CBD and Flinders Street train station.

St Kilda Road office tenants have criticised (and vacated) the area which is only serviced by train. At it’s peak St Kilda Road had more than 800,000 square metres of available office space, but no developer has proposed a new office in more than ten years.

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Melbourne’s Target Centre Sells For $89.2 Million

SINGAPORE based private investor Philip Lim is understood to be the mystery buyer paying $89.2 million for an asset on the footsteps of the Bourke Street Mall.

The Target Centre, at 222 – 244 Bourke Street was listed for sale earlier this year by Wesfarmers controlled Coles Group.

The asset includes 10,077 square metres of retail space, and an 11,113 square metre office component. Tenants include Vintage Cellars, Gloria Jeans, Jetstar and Monash College but Target occupies the majority of the building which returns $6.4 million in annual rent, and is said to be selling on a yield of 7.2 per cent.

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Wesfarmers To Unveil New Concept Store, Urban at Target, in Melbourne

WESFARMERS owned Target will open the first of its “small format store” in Melbourne, in September.

The new store, Urban by Target, will occupy 1000 square metres of space once occupied by Virgin Megastore at the prominent Jam Factory in South Yarra, owned by Challenger.

Wesfarmers, which also owns supermarket giant Coles, is looking to expand both its Urban by Target and Target Country divisions. It’s also planning more large-format Target stores.

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Coles Group Buys Piece of Major Brighton Mixed Use Village, Melbourne

WESFARMERS owned Coles Group is speculated to be paying around $13 million for an as-yet-undeveloped, approximate 4200 square metre supermarket in the ritzy Bay Street, Brighton retail strip.

Sources say Coles is purchasing the space off ASX listed Abacus Property Group, which is proposing a mixed use village for the site on the south-west corner of Male Street.

The property, for a couple of years now a block of dirt behind a fence, was earmarked for a $38 million office and retail complex, however it’s understood a new complex with a residential component is now proposed.

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