Woolworths Metro Malvern, 2 Station Place, Malvern VIC
Kokoda Property is offloading the Woolworths Metro supermarket at the base of its new Malvern Collective project.
The brand new off-the-plan supermarket will form part of the affluent and luxurious Malvern Collective development which will be home to over 500 residents, housing 265 luxury apartments and 10 premium hospitality tenancies.
The highly anticipated Malvern Woolworths Metro Supermarket will hit the market as agents prepare a sales campaign on behalf of award-winning developer, led by Mark Stevens.
Stonebridge Property Group’s Rorey James and Kevin Tong have been appointed to run the public expressions of interest campaign for the Woolworths Metro Supermarket, closing in December 2022, which comes with a brand new 7 year lease with CPI annual increases and base rent of about $240,000 a year.
The supermarket is expected to be completed by 2024. Once built the supermarket will have direct access and foot traffic walking in and out of the Malvern Train station daily.
Rorey James added, “given the entry level price point, affluent location, and Woolworths Metro supermarket covenant, Woolworths Malvern will be one of the most sought after blue chip opportunities this year.“ Stevens identifies that “whilst construction prices kept rising during that time between 2020 and 2021, there was also an appreciation in the value of the apartments. That has meant we’ve been able to offset the costs.”
Consumers have been steadily changing their spending habits to accommodate for the “On the Go” type stores, with Woolworths recently announcing in their Annual 2022 Report, a total sales of $951 million in Metro store sales, which has increased by 6.0% annually driven by new store growth.
“Assets of this calibre are rarely offered to the market, with the property providing an investor the opportunity to own a brand-new supermarket in an affluent catchment, only 8kms from the Melbourne CBD,” commented Kevin Tong.