Colliers International seeks anchor tenants for Pentridge retail hub in Coburg
Her Majesty’s Prison Pentridge in Coburg, an Australian landmark established in 1851, is being redeveloped into a mixed-use precinct with residential, retail and commercial components.
About 11,000sqm of dedicated retail space has been proposed, along with a 15-screen Palace Cinemas, 120-room Adina Hotel and more than 1,500 residences in 12 residential buildings. Three multi-use buildings are expected to accommodate 1,500 daily workers.
Colliers International’s Mike Crittenden and Daniel Ryan have been appointed as sole leasing agents for the retail aspect of the project and are seeking supermarket and brewery anchor tenants.
“A unique supermarket opportunity is now available within Pentridge's retail hub, offering about 2,200sqm of space and loading dock facilities,” Mr Crittenden said.
“Supermarket sales in the Coburg area are estimated at $10,000 per sqm for the year 2016/2017 and can only increase with the growing population. This is a prime time to get a foothold in a burgeoning suburb.”
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.
“Retailers have an unprecedented opportunity to help build on Pentridge’s history and be part of its future,” he said.
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,” Mr Crittenden said.
Mr Ryan said preserving the site’s historic integrity was key in executing the project effectively.
“Thoughtful design and high-quality construction will seamlessly integrate the new buildings with existing heritage assets,” he said.