This article is from the Australian Property Journal archive
Bunnings Warehouse is increasing its foothold in Victoria with a new $15 million building at Queensland Investment Corporation Real Estate’s Woodgrove Shopping Centre in Melton, north-west of Melbourne.
The $15 million development is the next major stage of expansion of Woodgrove and is also the first warehouse building at the homemaker centre.
QIC’s head of global real estate Laurie Brindle said that the new store would be a major draw for Woodgrove and the suburb of Melton, one of Melbourne’s fastest growing areas.
QICRE purchased Woodgrove in 1996.
The centre then comprised a Coles supermarket and specialty shops and had a total lettable area of 11,000 sqm.
Since then, Woodgrove has undergone two major expansions and has a gross lettable area of 22,500 sqm, comprising Coles, K Mart, Readings Cinemas, Best & Less, Reject Shop and 75 speciality shops.
Brindle said that QICRE’s long-term master plan for Woodgrove would see it continue to expand as a shopping centre and also develop as a mixed use site that will meet the needs of the region.
Bunnings’ general manager of property Matthew Toohey said that the new warehouse would be one of the largest that Bunnings had built in the region.
“The warehouse will occupy a site of around three hectares, adjacent to the existing centre. It will have a gross floor area of just over 12,500 sqm.
“The new building will include the main warehouse, a dedicated trade section, an outdoor nursery and a children’s play area, as well as approximately 300 car spaces,” he added.
Toohey said that an existing Bunnings at Melton was just over 1,000 sqm and was no longer adequate to meet market demand.
Bunnings’ investment in the project is around $10 million, the company has signed a 10-year lease back agreement on the property.
The new Bunnings Warehouse is scheduled to open at Woodgrove by Christmas 2006.
Bunnings currently has 35 stores in Victoria with a number currently under construction at Box Hill, Warrnambool and Mill Park in Victoria, with additional stores set to start construction at Rosebud and Wodonga.
By Adam Parsons
