Woolworths’ big Melbourne property purchase
Woolworths has purchased the Australian Broadcasting Corporation’s Selwyn Street property in the Melbourne suburb of Elsternwick for a reported $45 million.
The site has been the home of ABC TV shows The Weekly and Shaun Micallef’s Mad as Hell, Countdown and Kath and Kim.
The property is located approximately 10 kilometres from Melbourne’s CBD, with no other Woolworths supermarkets close by. The closest Woolworths, located in the suburb of Balaclava, is also smaller than other averaged-sized Woolworths supermarkets.
There is a 24-hour Coles supermarket located near the site, positioned near Orrong Road on Glen Huntly Road, Elsternwick. That Coles supermarket is reputably one of the best performers per area in Victoria, and is a popular shopping venue for Kosher and Halal consumers
It is expected ABC shows and operations located at the Selwyn Street property will be re-located to Melbourne’s Southbank to centralise all Melbourne-based ABC activities.
Australian Food News contacted Woolworths in regards to its intentions for the site and was provided with the following response from a spokesperson:
“Woolworths is pleased to win the public tender for the ABC Selwyn Street site.
“We have a long history of directly engaging with local residents, communities and councils to ensure any new development encapsulates their vision, views and feedback – and ultimately benefits locals.
“This is very much the case with the Selwyn Street site. Woolworths look forward to collaborating with local residents and community groups to design and develop the site,” the spokesperson said.
Australian Food News understands from commercial estate agents that the price represents a huge premium, which reflects a scarcity of similar sites within a radius of four kilometres. Some traffic and town planning issues will need to be resolved in consultation with the City of Glen Eira, within which Elsternwick forms one of the most central and busiest strip-shopping hubs. The property is located near schools, apartments and is well-serviced by public transport tram and train connections. It is very close to the popular Classic Cinema, Jewish Holocaust Museum, and Elsternwick train station.
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The Woolworths Group has reported a $1.5 billion profit for its 2017 financial year.