This article is from the Australian Property Journal archive
WOOLWORTHS has teamed up with diversified developer Time & Place to acquire 4,306 sqm of land Melbourne’s Glen Iris which has been earmarked for a mixed-use project, hoping to capitalise on the Victorian government’s construction-led economic recovery plan post COVID-19.
The JV partners have paid around $30 million for that site located at 173 Burke Rd. The property has commercial 1 zoning and development potential of up to five storeys. Currently, it is home to a two storey office building of 3,386 sqm that is fully leased to seven tenants, and returns net annual passing income of $795,000.
The corner block forms part of local council Stonnington’s strategic plan and has been earmarked for activation and regeneration under the council’s blueprint for the Burke Rd area.
“Our strategy to acquire and deliver multiple new projects is timely in the current environment, as the government looks to the construction industry to support economic recovery,” Time & Place principal, Edward Pearse said.
He said the property represents a strategic acquisition for the group as is builds a pipeline of mid to large-scale projects across multiple asset classes.
“A site of this size in a blue-chip location like Glen Iris presents a very exciting opportunity; we certainly see the potential to make a lasting impact on the urban environment so we look forward to working closely with Woolworths, Stonnington Council and nearby residents to deliver a project that will help transform and enhance the surrounding locale.”
Don Foulds, Woolworths state development manager said the mixed use residential and retail development would include a state-of-the-art, full line Woolworths supermarket.
“We look forward to engaging with the local community on our plans later this year, ahead of lodging a development application.”
The sale of the property was brokered by Colliers’ Peter Bremner and Daniel Wolman in conjunction with Alexander Robertson’s Kristian Peatling and Warwick Bramich, for vendors Ed and Henk Verhagen.
