Investa has announced that it has secured leading Australian supermarket chain Woolworths as a tenant in The Sydney Arcade at 400 George Street, Sydney, representing Woolworth’s 5th Metro store in the Sydney CBD.
Woolworths has committed to a 7-year term, over the 1,240 square metre basement space and intend to open a Metro store aimed at “grab and go” shopping, with extended trading hours to capitalise on the high volume of pedestrian traffic in the precinct.
The lease includes two, 5-year options and was negotiated by Alex Alamsyah from Knight Frank.
“Woolworths is a great addition to the retail tenancy mix at 400 George Street. Supermarkets traditionally favour basement-style space and this prime location at Pitt Street Mall is expected to attract even more customers to The Sydney Arcade,” said Michael Cook, Group Executive, Investa.
“It also reflects the emerging trend in CBD retail away from a complete reliance on fashion to incorporate more serviced-based offerings that appeal to city workers,” he said.
Ross Finlay, Head of Property, Fuels & Metro said: "Woolworths is excited to deliver a new Metro store in Pitt Street Mall in the heart of the Sydney CBD. The CBD and inner metropolitan markets are a key focus of the Metro store roll out, as we seek to provide a convenient shopping experience close to where customers live and work.
The new Pitt St Mall Metro store will cater for the needs of office workers, shoppers, tourists and residents in the Sydney CBD and will comprise a new look and feel for Metro, with a cafe, fresh food, food for now and food for later, groceries and bakery, amongst other things,” said Mr Finlay.
400 George Street is a 51,034 square metre office tower and retail arcade located in the centre of the Sydney CBD, jointly owned by Investa Commercial Property Fund, the M&G Asia Property Fund and funds managed by Mirvac.
The Sydney Arcade incorporates over 5,000 square metres of prime retail space accommodating a range of leading Australian and international brand including Adidas, Bally, Oroton and Ben Sherman. Located within Sydney’s pre-eminent Pitt Street Mall precinct, the location is highly sought after by leading global and Australian fashion retailers and more recently by leading service brands.
“Pitt Street Mall will always be the top retail destination in Sydney’s CBD, appealing not only to traditional fashion retailers, but also telcos, banks and now major supermarkets,” said Alex Alamsyah, Knight Frank’s Head of Retail Leasing, Australia.
“By diversifying the tenant mix in the Sydney Arcade, those who work in the centre of the CBD can now enjoy greater convenience, with easy access to one of Australia’s best known grocery retailers, Woolworths,” said Mr Alamsyah.
Anchored by Telstra, who occupy over 40,722 square metres of office space in the tower, 400 George Street incorporates a vibrant ground floor lobby retail and meeting area incorporating oversized, dynamic screens, a café and espresso bar, connectivity to Telstra’s Discovery Store and community-based art displays in the King Street entrance.