Frasers Property Australia has sold a brand new Coles supermarket in Berwick, Melbourne, to a private investor for $23.4 million. The sale wraps up a highly successful project that involved a strong collaboration between Frasers Property, Coles and the City of Casey to provide a significant economic boost to the local town centre.
The sale, which settled on Friday March 18, comes just a week after the supermarket opened to the local community. Coles has committed to a 20 year lease over the property.
Peri Macdonald, General Manager – Retail, Frasers Property Australia, says the development has been well received by the local community and the supermarket is already trading strongly.
“We’ve worked closely with Coles and the City of Casey to create a brand new supermarket for the residents of Berwick and surrounding suburbs, delivering a high quality and convenient offer to serve the community’s day to day grocery needs,” Mr Macdonald says.
“The project provides a much-needed economic boost to the southern Berwick town centre precinct. Over 80 jobs were created during construction,” he says.
Located at 2 Richardson Grove in Berwick, the project involved the development of a full- line, freestanding 3,200 sqm Coles supermarket as well as the upgrade and expansion of the adjoining carpark.
Frasers Property was responsible for securing planning approvals for the project, as well as providing design and construction services.
The sale reinforces the flexibility of Frasers Property’s Retail business strategy, Mr Macdonald says.
“While we remain focused on growing our retail pipeline through the development of neighbourhood centres integrated into our residential communities, we also have the flexibility to develop individual retail centres for on-sale to third parties or, where it makes sense to do so, to retain the management of the assets we create,” Mr Macdonald says.
The 2 Richardson Grove site was initially acquired by Frasers Property in 2007 in joint venture with the Bank of Scotland.
Frasers Property has been active in the local Berwick area for some time. The company has partnered with Mondous Property Australia to deliver the unique Berwick Waters community, which features over 52 hectares of wetlands and open space and will be home to around 11,000 people in over 2,500 homes on completion.