Woolworths secures mixed-use Canberra site
The Suburban Land Agency has awarded Woolworths’ development arm, Fabcot, the tender to develop a mixed-use complex within the master-planned Moncrieff community, in Canberra’s north.
The Moncrieff Group Centre, as it will be known, set for a 2.47 hectare site at the corner of Horse Park and Mirrabei drives, will contain – as well as a supermarket – retail and dining – part of a complex branded Moncrieff Village (pictured, top).
It will also include up to 106 dwellings – 16 allocated for affordable housing.
Clarke Hopkins Clarke penned the project.
“This is a really exciting step forward for Moncrieff,” Suburban Land Agency chief executive officer, Adam Davey, said.
“The new group centre will be a people-focused place where the community can come together,” according to the executive.
Woolworths state manager, Property Development, NSW and ACT, Wesley Dose, added Fabcot is aiming for the development to be 7.5-star or higher NatHERS rated.
Settlement is scheduled today.
The group has form buying and developing assets.
It also regularly sells complexes once complete with part leasebacks.
Woolworths and Coles are also know to pay premiums for large sites in Melbourne’s inner-city, able to capture large and growing catchments (the latter, in 2023, buying a Balaclava site for a price reflecting a sub two per cent yield).
The Moncrieff tender comes seven weeks since we reported Fabcot was permitted to replace the ex-501 Reception site in Melbourne’s inner-west Footscray with a Woolworths-anchored mall, to be known as Barkly Village West Footscray.
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