This article is from the Australian Property Journal archive
VAUGHAN Constructions will deliver more than $12 million in new facilities to the Fort Knox development in Melbourne’s inner north suburb of Coburg, including a custom-built self-storage facility and Aldi supermarket.
Fort Knox is a joint venture between the Wilson Family and McMullin Group. Aldi will lease a 1,734 sqm store from the partners, as well as additional tenancies of 157 sqm and 197 sqm with 123 car spaces on a 9,180 sqm site at 1009 Sydney Road.
Next door, Vaughan will also build Fort Knox’s three-level self-storage building of 13,420 sqm at 1011 Sydney Road.
Fort Knox director, Guy Wilson, said the new facility, the firm’s tenth in metropolitan Melbourne since its inception in 1996, would cater to the increasing demand for a billion-dollar industry which was virtually unknown as recently as the 1980s.
“Self-storage has really come into its own, especially over the last decade with the increase in higher density living, renting as opposed to owning, and generational lifestyle changes, among the key drivers,” he said.
The new Aldi store will take the total area Vaughan has been engaged to build for the German brand beyond 100,000 sqm.
Roy Morgan research recently announced the supermarket as Australia’s most trusted brand for the second survey in a row. It is expected to reach a 9.2% market share in 2017/18, according to IBISWorld.
McMullin group director, Ian McMullin, said Sydney Road was one of the most sought after addresses in northern Melbourne, its name synonymous with showroom and commercial service industries for more than 50 years.
Australian Property Journal
