Coles, Woolworths delve into property development

Coles, Woolworths delve into property development

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Staff Reporter

Coles and Woolworths are delving into the property development market, according to a report on the weekend.

The Age has reported that the two supermarket chains are set to build large supermarket-residential developments in Melbourne.

The report cited a number of new developments, including one in North Melbourne's Canning Street – which will see 304 apartments built in two residential towers above a Woolworths’ supermarket – while ground has already been broken on another by Woolworths in Highett.

The Age quoted a Woolworths spokesperson as saying the company was a retailer "first and foremost", although "our property team have expertise in tailoring developments to suit a particular site or community. In some cases where there is high demand for new residences - and this is reflected in the market value of a property - a mixed-use development will make sense.”

In the October 22 article, The Age added that Coles had also applied to build a $250 million supermarket, retail and apartment development at the Richmond Plaza centre.

“Coles is typically involved in such developments as a retail tenant, though we will occasionally act as a retail site developer if we determine that is the most appropriate course of action,” a Coles spokesman told The Age.

He told the newspaper that the company's primary aim was to secure space for new stores, "not to become directly involved in residential property development".

Staff Reporter

Coles and Woolworths are delving into the property development market, according to a report on the weekend.

The Age has reported that the two supermarket chains are set to build large supermarket-residential developments in Melbourne.

The report cited a number of new developments, including one in North Melbourne's Canning Street – which will see 304 apartments built in two residential towers above a Woolworths’ supermarket – while ground has already been broken on another by Woolworths in Highett.

The Age quoted a Woolworths spokesperson as saying the company was a retailer "first and foremost", although "our property team have expertise in tailoring developments to suit a particular site or community. In some cases where there is high demand for new residences - and this is reflected in the market value of a property - a mixed-use development will make sense.”

In the October 22 article, The Age added that Coles had also applied to build a $250 million supermarket, retail and apartment development at the Richmond Plaza centre.

“Coles is typically involved in such developments as a retail tenant, though we will occasionally act as a retail site developer if we determine that is the most appropriate course of action,” a Coles spokesman told The Age.

He told the newspaper that the company's primary aim was to secure space for new stores, "not to become directly involved in residential property development".

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