This article is from the Australian Property Journal archive
WOOLWORTHS’S slimmed-down Metro offering will anchor the retail component of Australia’s first Japanese-themed mixed use development, which has also seen $15 million worth of retail space sold in the past month.
Retail sales now total $40 million at Crown Group’s $520 million Mastery project in Sydney’s Waterloo, where a 2,177 sqm retail precinct will offer 27 stores and dining outlets with a dedicated Japanese eat street.
The precinct forms part of Crown Group’s long-term plan to develop a $1 billion portfolio of retail offerings at its residential developments worldwide. It intends to have 29,500 sqm of retail space across nine of its Australian projects by 2024, valued at $284 million, before looking to expand overseas.
Mastery will comprise 368 apartments across five buildings designed by three architectural firms – Japan’s Kengo Kuma, and Australian firms Koichi Takada Architects and Silvester Fuller. An infinity-edge rooftop pool, gym, spa and community room are among the amenities.
Only four retail lots remain for sale. Crown Group sales director Prisca Edwards said her internal sales team had sold most of the retail space despite the challenges presented in 2020 and completion being two years away.
“This shows the surprising level of confidence that investors have in retail in Australia right now, despite the conditions created by the pandemic.
“They see COVID as just a temporary setback, so they are willing to invest now in something that will take shape in two to three years’ time.”
She added that there is still high demand for quality retail space in sought-after areas, particularly those experiencing significant growth and urban transformation such as Waterloo.
“Plus, having the tick of approval from Woolworths Metro gives retail and residential investors the confidence that this is a growth suburb, because they know the supermarket has done its due diligence about population growth areas.”
Woolworths Group property operations manager Tim Macmillan said the new small-scale 675 sqm Woolworths Metro would assist with meeting demand for convenient groceries in Waterloo and the surrounding area. It will be located on the ground floor of Building E facing Archibald Avenue and Gadigal Avenue.
A leasing campaign will be launched in the coming months for the remaining retail spaces. Crown Group chief operating officer Pierre Abrahamse said now that the lots were sold and Woolworths was secured, his retail team and Colliers would curate a retail tenancy mix to lease the remaining spaces, choosing tenants that would complement the development’s extraordinary architectural design and its Japanese theme.
