A high-profile, supermarket investment in PDG Corporation’s brand-new 11 storey mixed-use development ‘Gadsden’ has hit the market.
The 949sqm* store located at 18 Dryburgh Street, West Melbourne is fully leased to Woolworths on an 8-year term that commenced in September 2023, with options extending until 2051. The supermarket is just 1 km from the Melbourne CBD and situated opposite the North Melbourne Train Station which services 1.14 million commuters p.a.1
Stonebridge’s Justin Dowers and Kevin Tong in conjunction with Cushman & Wakefield’s Oliver Hay and George Davies have been appointed to sell the property.
Dowers said “An asset of this calibre on the doorstep to the CBD is nearly impossible to come by. Being opposite the North Melbourne train station, the supermarket captures significant foot traffic, which combined with the brand new lease and depreciation benefit potential makes it a highly compelling investment.”
The store features the latest and greatest Woolworths metro layout with highly convenient wayfinding and 22 basement car spaces on title. Oliver Hay added,
“There are only a handful of inner-city Woolworths supermarkets of this quality and very few ever come to market. We’re anticipating interest from a broad range of local, national and offshore investors.”
The supermarket is strategically positioned to serve a rapidly growing worker and resident population and is surrounded by numerous residential and infrastructure developments like the West Gate Tunnel Project ($10.2b).
Woolworths Metro West Melbourne is for sale via Expressions of Interest closing early September. View the property listing here.
1 Data VIC, 2022-23 Station Entries