Melbourne, 19 November 2015 –A brand new, full line Woolworths supermarket in one of Melbourne’s most affluent suburbs has been listed for sale.
Located on the ground floor of the new ‘ORR’ apartment development in Caulfield North, the 986sqm supermarket is expected to commence construction in January 2016 and is due to open in March/April 2017. The property is underpinned by a 17.5 year lease to Woolworths with four further five-year options.
CBRE’s Victorian Retail Investments team, led by Mark Wizel and Justin Dowers, has been appointed to sell the property via a Public Expressions of Interest campaign on behalf of Melbourne based development company, Lustig & Moar.
Prominently positioned on Orrong Road, the supermarket is set to service the vast surrounding catchment area, serviced by over 24,210 people and forecast to grow at 1.0% per annum. The supermarket will also service a high spending demographic, with a major retail expenditure pool of $407 million and a per captia spend of 16,878, some 23% above the Melbourne metropolitan average.
Mr Wizel said the property represented a rare opportunity to acquire a secure investment in one of Melbourne’s most sought after suburbs. He added that the supermarket would attract strong investor interest from a range of offshore and local buyers looking to take advantage of the stronger occupier market the sector provides.
“Located in a prime position at the ground floor of the prestigious Orr apartment complex, this new supermarket will benefit from extensive exposure to both Orrong Road and Lucan Street, in addition to the secure covenant associated with the lease.” Mr Wizel said.
“In a vote of confidence for this already proven location, ORR development is already 70% sold, which will be a key factor attracting investors to this premium opportunity.”
Public Expressions of Interest closes on Friday November 27 at 2pm.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.