Colliers International secures major new tenant as part of historic prison transformation
In a leasing deal facilitated by Colliers International’s Mike Crittenden and Stephanie Siadis, Ritchies has been secured as the anchor supermarket tenant for the unique 11,000sqm retail precinct.
The company has leased 2,200sqm and will trade as Ritchies Fine Foods & Wine Merchants, alongside a 15-screen Palace Cinemas, a 120-room Adina Hotel and 25 supporting specialty retailers.
Her Majesty’s Prison Pentridge in Coburg, an Australian landmark established in 1851, is being repurposed into a mixed-use precinct with residential, retail and commercial components.
The 6.5ha site is set to include up to 1,500 residences across 12 residential buildings. Three multi-use buildings are expected to accommodate 1,500 daily workers.
Mr Crittenden said the Pentridge retail precinct, which will be contained within the former prison’s bluestone walls, was designed to thrive on passing foot traffic, with intimate and open retail spaces on the ground floor and a vibrant restaurant, café and bar culture.
“With such an iconic development, it was critical to secure an anchor that aligns with the vision of the overall masterplan in delivering an offering that will cater to the immediate and broader catchments.” Mr Crittenden said. “Ritchies has identified a prime opportunity to get a foothold in a burgeoning suburb.
“Retailers have an unprecedented opportunity to help build on Pentridge’s history and be part of its future.”
Envisioned as an “urban village”, Pentridge will enhance Coburg’s overall liveability and contribute to attracting people to Melbourne’s northern growth corridor.
“The main trade area population is expected to reach 186,400 people by the year 2026, with annual expenditure within this area expected to reach $3.4billion,” Ms Siadis said.
“Preserving the site’s historic integrity will be crucial to executing the project effectively. Thoughtful design and high-quality construction will seamlessly integrate the new buildings with existing heritage assets.”
Colliers International is running a strategic leasing campaign directly targeting quality retailers who will “collectively create a point of difference in the local precinct, attracting customers and patrons from all over Melbourne, and tourists, which will further enhance the profile of Coburg,” Mr Crittenden said.
The Pentridge site was purchased by Shayher Group in 2013 after the site’s masterplan was finalised and incorporated in February 2009 following an extensive consultation led by the State
The first stages of Pentridge Coburg, including the opening of a piazza and the repurposing of a number of heritage buildings, is due to be activated to the public in late 2019.