This article is from the Australian Property Journal archive
AXIOM Properties has secured US retail giant Costco to open the retailer's first South Australian warehouse outlet at the Churchill Centre retail development in Adelaide’s Kilburn.
Axiom and its joint venture partner, Southern Cross Equity Group, has agreed to lease in excess of 5 ha of land to Costco under a 50-year ground lease arrangement, subject to certain conditions being satisfied and certain works being completed.
Axiom managing director Ben Laurance said securing Costco to this development is a strong indicator of the quality of the development and the location.
Costco intend to construct a 14,000 sqm retail warehouse on the site, which adjoins the sub-regional shopping centre that Axiom and Southern Cross Equity Group are developing as part of their first stage retail development, which is anchored by Coles and Kmart.
Other major tenants that have been secured include Priceline Pharmacy, Liquorland, Coles Petrol, Flight Centre, McDonalds and various other specialty retailers.
The centre is expected to be completed in April next year, and will incorporate in excess of 35,000 sqm of retail space.
“Costco will complement the rest of the centre and its tenants and deliver a unique shopping experience to the wider Adelaide marketplace.” Laurence concluded.
Property Review
