Stonebridge Property Group has been appointed to sell 1144-1154 Mount Alexander Road & 19 Winifred Street, Essendon. The Property occupies one of Essendon’s largest contiguous Commercial 1 Zoned landholdings and is anchored by a strong-performing freestanding Coles supermarket just 8.5 km* north of the Melbourne CBD.

The Property abuts Woodland parklands and has unparalleled connectivity with a tram stop just 90 m* away as well as train and bus services nearby. The existing improvements comprise a high-performing Coles supermarket, a 7-Eleven service station, Chiropedic Bedding store and a vacant office building. The Site forms part of the North Essendon Activity Centre as part of Victoria’s Housing Statement which will greatly benefit the site and future development outcomes. The Government plans to facilitate growth in Activity Centres like North Essendon by clearing application backlogs, making faster decisions, and delivering more community facilities, public spaces and parks.1

Essendon is a burgeoning inner Melbourne suburb that has grown to foster a highly affluent demographic and is renowned for its bustling café strips and parks. The suburb has a median house price of $1.76 million (1.94x the Melbourne Metro average)2 and has family incomes close to 40% above the Victorian average.3 This demographic supports both strong retail spending and demand for residential housing in the area which can be capitalised on with the Site.

Julian White commented “The Site provides the best of both worlds, a significant Commercial 1 zoned landholding plus a highly secure income stream stemming from the existing Coles supermarket and other tenancies. The Site’s scale and zoning creates unmatched scope for future development especially with Essendon currently undergoing substantial growth. This growth trajectory is expected to continue and the recent success of The Watson by Kincrest development nearby the Site (under construction) provides outstanding precedent for what can be achieved.”

Justin Dowers commented “Essendon has truly grown to be a highly attractive suburb with significant amenity in its restaurants, shopping, parks and transport linkages. The Property provides a rare and secure income stream to protect incoming purchasers from holding costs whilst they finalise future development on the site. There is also scarcity of major retail in the precinct, and this Site provides one of the last opportunities in the area to have a major supermarket.”

Related Reading:

Standalone supermarket Coles Bentleigh for sale by Gross Waddell ICR | Commo.

Sharp yield for Victorian Woolworths- anchored neighbourhood shopping centre sold by Colliers & Stonebridge  | Commo.

Coles anchored freestanding Coles supermarket Essendon for sale by Stonebridge