This article is from the Australian Property Journal archive
DANIEL Grollo’s Grocon has signed discount department store Kmart to its $1.2 billion Carlton United Brewery project in Melbourne.
Grollo recently hinted at a Property Council Victorian luncheon that the company was negotiating for a discount department retailer to anchor the project, which he dubbed as the new generation of its QV complex.
Grollo said the 35,000 sqm retail component in first stage of the project, worth $600 million, is already precommitted.
CUB has signed Coles for a 4,100 sqm supermarket, discount liquor store 600 sqm Dan Murphy and electronics retailer Dick Smith. In total, 11,300 sqm of retail space is precommitted at CUB.
The new Kmart store is part of Wesfarmers, which also owns Coles, strategy to reposition the retailer and mould its image similar to Target, which has a store in the Melbourne CBD.
Big W is the anchor tenant at Grocon’s QV complex along with a Woolworth supermarket.
Grollo said construction on stage one, including apartments will start in a couple of months.
Australian Property Journal
