Aventus Group has unconditionally exchanged on a 31,470 sqm development site adjoining Epping Home for $11.5m from Kaufland Australia, with completion of the acquisition to occur in late July 2020.
Kauflands groups decision in early 2020 to abandon their plans to expand into Australia came as a shock to the industry after they had invested close to $600m on acquiring 10 sites for their supermarket chain. Kaufland had acquired the former Bunnings site in 2019 for $16.5m after Bunnings decided to relocate to an ex Masters Store 1km away.
The Epping store is the first of the 10 sites to have been sold via a campaign run by Colliers. The other sites put up for sale in the portfolio include;
- 266 Maroondah Highway, Chirnside Park, VIC
- 1-3 Gladstone Road, Dandenong, VIC (Kaufland paid $16.4m)
- 1126 Centre Road, Oakleigh South, VIC (Kaufland paid $21.4m)
- 197-207 Reedy Creek Road, Burleigh Heads, QLD (Kaufland paid $19.7m)
- 177-189 Morayfield Road, Morayfield, QLD (Kaufland paid $20.5m)
- 159-177 Progress Road, Richlands, QLD (Kaufland paid $13.0m)
- 10 Anzac Highway, Forestville, SA (Kaufland paid $25.6m)
- 250B Churchill Road, Prospect SA (Kaufland paid $12.6m)
Aventus were seen as the natural buyer of the Epping site, given they hold the adjoining homemaker centre with various rights to access car parking etc across the site.
“Aventus is excited to have secured this site which adjoins our current Epping Home centre. Epping is one of the fastest growing catchments of Melbourne, with the main trade area due to grow by 100,000 people or 36% by 2024’, commented Mr Darren Holland, CEO.
‘This high profile corner site is strategically located in metropolitan Melbourne, 20 kms from the CBD and positioned between the Epping train station and Epping Plaza; a major shopping centre anchored by Woolworths, Coles, Costco and over 230 specialty shops.’
‘This acquisition increases our Epping land holding to over 90,000 sqm and site coverage (or FSR) of the existing centre will reduce to 24% post completion. The land also has the benefit of being located in an Activity Centre Zone which is flexible and allows mixed use, retail, residential, office, medical and large format retail,’ added Mr Holland.
This acquisition will be funded through existing debt facilities and adds to the substantial land holding by Aventus, which is now over 1,200,000 sqm across 20 locations with 73% metropolitan and the majority being east coast locations in Australia’, he concluded.
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