This article is from the Australian Property Journal archive
THE Precision Group first retail project in Sydney has paid off, after it secured Woolworths as an anchor tenants to the new Metro Chatswood shopping centre in Sydney's northern suburbs.
Woolworths has committed to a 2,700 sqm supermarket on a 20-year lease with options.
The 11,500 sqm Metro Chatswood shopping centre is scheduled to open at the end of this year.
The Precision Group’s general manager Neil Proudlove said Metro Chatswood will provide Woolworths with its long-desired flagship supermarket in the Chatswood CBD.
“It will be in a prime trading position directly opposite the entrance to the new Chatswood Railway Station. Already one of Sydney’s busiest stations, commuter numbers will increase further on the opening of the new $2 billion Chatswood to Epping rail line, also scheduled for December 2008,” he added.
Proudlove said securing the Woolworths lease and Development Approval from Willoughby City Council involved complex negotiations over the past 12 months.
Metro Chatswood shopping centre is part of the $360 million Chatswood Transport Interchange development.
The Precision Group has agreed to purchase the shopping centre component of the ongoing project for $83 million, with the purchaser taking control of the ongoing leasing of the centre.
Precision’s property and development portfolio comprises properties in Adelaide, Melbourne, Sydney and Brisbane, totaling more than $1 billion.
Recent acquisitions include the $119.5 million purchase of the MacArthur Central Shopping Centre in Brisbane in May 2006 from Investa Property Group as part of a property swap transaction. Another major transaction was the acquisition of Melbourne’s Pran Central at the end of 2006 for $34.5 million.
Australian Property Journal
