This article is from the Australian Property Journal archive
ING Real Estate has signed major US retailer Costco to its $1 billion Waterfront City precinct.
Costco will be located directly on Footscray Road under the Southern Star Observation Wheel and will be the US retailer’s first Australian store.
Costco’s warehouses present one of the largest and most exclusive product category selections to be found under a single roof. Categories include groceries, appliances, television and media, automotive supplies, tyres, toys, hardware, sporting goods, jewellery, watches, cameras, books, homewares, apparel, health and beauty aids, tobacco, furniture, office supplies and office equipment.
Costco Australia’s managing director Patrick Noone said introducing Costco to Australia has been on the company’s agenda for many years,
“But we have had to wait for the perfect location.
“This is the first store planned for Australia and Costco will provide significant retail investment into the state of Victoria. We anticipate that the Waterfront City store will significantly increase retail expenditure and visitation within the Docklands precinct,” he added.
Costco is the fourth largest retailer in the US and eighth largest in the world with 537 stores.
The deal was brokered by Jones Lang LaSalle’s associate director of retail leasing in Victoria Parrish Gray.
Gray said the store will be another string in the bow for Docklands and will draw customers from all over Melbourne.
Construction of Costco Waterfront City is scheduled to commence in September 2008 and is anticipated to be completed in mid 2009.
ING Real Estate’s development chief executive Greg Boyd said the 14,000 sqm Costco site will add to Waterfront City’s already considerable 50,000 sqm retail and leisure precinct.
Harbour Town is due to open its first stage in September 2008 and combines a mix of Brand Direct outlets, specialty stores, restaurants, bars, cafes and 2850 parking bays.
Australian Property Journal