This article is from the Australian Property Journal archive
MELBOURNE's Docklands is about to add yet another major piece of furniture to the precinct with the major coup of Swedish home and furniture store, Ikea.
Ikea has been in the market to open another megastore outlet in Melbourne following the closure of its Nunawading and Moorabbin store in Melbourne’s south east.
The furniture store currently has only one major outlet in Melbourne at the Victoria Gardens shopping centre in Melbourne’s inner east suburb of Richmond.
The Richmond store is the second largest store in Australia at 22,500 sqm – behind Sydney’s Homebush Bay store which boasts 26,000 sqm.
Ikea also operates a store in Logan, Brisbane.
It has been revealed that Ikea is currently in negotiations with ING Real Estate to open a store at the $1 billion Waterfront City development.
Waterfront City is located on the fringe of the Docklands precinct and serves as the gateway to Melbourne’s north and western suburbs.
The new Docklands Ikea store will service the booming north and western suburbs side of Melbourne. Up to now, residents have had to travel across town to buy furniture they can put together at home.
ING’s Waterfront City precinct will soon be rebranded Harbour Town.
The precinct is currently developing the Southern Star Observation Wheel – a giant Ferris wheel which will stand 120 metres tall – equivalent to a 38 level building.
The Wheel will consist of 21 air-conditioned cabins that will accommodate up to 20 people each and is expected to attract 1.5 million tourists.
More than 1200 tones of steel will be used in construction and the Wheel features two unique asymmetric support columns weighing 100 tonnes each. The columns are 80 metres in length and 2.5 metres wide.
Industry sources told PropertyReview that the wheel is likely to be spun into a tourism and leisure property trust, worth around $450 million.
The wheel is currently under construction and scheduled to open to the public in 2008.
