Woolworths Buys Prominent Suburban Retail Development Site

Woolworths is believed to have paid about $12 million for the 1.1 hectare Highett Road property, which sold with a permit for a 7,800 square metre shopping centre, 115 apartments and 460 car parks.
 
Upon completion, it is speculated the Highett Shopping Centre development would be worth about $50 million, and most likely be fully occupied.
 
The supermarket had agreed to lease about 4,052 square metres at the centre, when the shopping centre was being proposed by its previous owner, turned vendor, Brookfield Multiplex.
 
A Woolworths spokesman confirmed it settled on the Highett property in December.
 
He said the company is considering a range of redevelopment options for the site. As well as retail and other commercial property, Woolworths has some experience developing residential apartments.
 
Jones Lang LaSalle selling agents Stephen Bolton and Steve Messina marketed the Highett property, but other than confirming the site had sold, they declined to comment on any part of a deal when contacted by Capital Gain.
 
In October, supermarket rival Coles announced it would also develop a shopping centre, in Epsom Road, Ascot Vale.
 
That $40 million development, to be known as Showgrounds Village Shopping Centre, will include a 1st Choice Liquor superstore, and a not for profit child care centre able to accommodate up to 120 children.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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