Coles has leased 2,500 square metres on the ground floor of Investa Office’s 99 Walker Street, North Sydney, and will open a new supermarket on Wednesday, 11 November.
The new store has been especially developed to cater for local residents needing their grocery essentials while at the same time offering a range of convenience meals and “grab and go” options for people working in the area.
Customers can look forward to a continental delicatessen boasting a wide variety of local and international cheeses as well as a self-serve olive bar. Shoppers will also be able to select from an extended range of artisan breads baked in the new in-store open bakery.
The building also offers 21 levels of office space, sweeping views of Sydney Harbour from the upper floors, and excellent natural light. Anchor tenants, GE Capital Finance and Jemena occupy 15 floors, and the new supermarket replaces a former food court that has been converted and extended in a comprehensive redevelopment.
Tina Raftopoulos, General Manager North Sydney Portfolio, Investa Office, said: “The completion of the works to the ground floor continues our success since 2013, when Investa Office Fund purchased the asset. Since acquisition we have re-leased over 40% of the office space, and transformed the food-court into an exciting new supermarket.
Despite its growing office and residential population, the North Sydney CBD has been quite under-serviced in terms of supermarkets, so we are confident that this will be a very welcome addition, and adds significant value to our asset.”
Michael Bate, Head of Retail at Colliers International, who negotiated the deal with Coles on behalf of Investa, said: “Our assessment of the wider retail offering across North Sydney uncovered the genuine need for a major supermarket chain.
“The retail space at the building was the perfect position for such a retailer, so when we pitched the idea to Coles, they agreed. The result is going to be an exciting new supermarket offering for the discerning North Sydney shopper,” Mr Bate said.
Thinus Keeve, State General Manager at Coles said: “Coles is delighted to open the new store in North Sydney and create 100 new jobs in the local area.
“We have wanted to open a supermarket in the North Sydney business district for some time, and this lease represents a very exciting opportunity,” he said.
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Dealmakers - Jun Marte, Felicity Adams, North Sydney Mayor Jilly Gibson, Jimmy Kochetkov & Tina Raftopoulos[/caption]
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