A former Woolworths supermarket building has hit the market, offering enormous potential for a range of retail operators to set up shop in a surging inner western location.
Fitzroys’ Ervin Niyaz and David Bourke are marketing the expansive, self-contained 1,871sqm building at 39 Borrack Square, which incorporates a rear loading dock, cool rooms, amenities and offices, with vacant possession on behalf of a private owner.
Expressions of Interest close Wednesday, 25 June at 3pm.
The campaign marks the first time in 25 years that the property has been offered for sale.
The building encompasses 3 street frontages.
“This is a rare opportunity for occupiers and investors to acquire a supermarket and large format retail asset in the heart of a tightly-held neighbourhood shopping precinct in Melbourne’s surging inner west,” Niyaz said.
He noted the property is centrally positioned within Borrack Square’s convenience precinct servicing the emerging and growing residential catchment, fronting a large public car
park and neighbouring national tenants including Commonwealth Bank, Chemist Warehouse, Australia Post, and TAB, and is adjacent to Millers Inn Hotel, Bayside P-12 College, Altona North Community Library, and Altona North Primary School, all driving continuous traffic through Borrack Square.
“Investors can re-lease the asset as-is or reposition the property and will likely see strong competition for tenancy given its busy and fast-growing location, with excellent prospects for future capital appreciation,” Niyaz said.
“We’re expecting interest from occupiers ranging from supermarkets, fitness centres and large format retailers. It’s an unmissable opportunity for occupiers to gain a presence in an highly accessible, high-activity area which offers a strong captive and fast-growing catchment.
“The location is highly accessible via major arterials and well supported by excellent customer car parking,” he added. The nearby soon-to-be-completed West Gate Tunnel project will improve travel to and from Melbourne’s west and create a much-needed alternative to the West Gate Bridge.
Bourke said the catchment is further boosted by the workforce at Altona North’s strong industrial sector, with the Mobil Refinery, Myer Distribution warehouse, Toll Transport and Toyota’s research and design facility, as well as various other private freight, manufacturing and logistics companies operating in the area.