MAB Corp land Coles to anchor Melbourne retail centre
Financial Review rich listers Andrew and Michael Buxton have signed up Coles to anchor the $40 million first stage of a new regional shopping centre at Merrifield in Melbourne’s north.
The supermarket group, along with 20 speciality retailers, will occupy 7000 square metres of retail space in what will eventually become a major city centre with more than 200,000 square metres of retail space within a 30-hectare precinct.
Merrifield, a joint venture between the Buxton brothers’ MAB Corp and Gibson Property Corporation, is the largest development project in Melbourne.
The 900-hectare master-planned estate, 45 kilometres from the Melbourne CBD, will eventually accommodate 8000 homes, a 300-hectare business park and a 140-hectare city centre.
The regional shopping centre within Merrifield is a joint venture between MAB/Gibson and QIC Global Real Estate (QICGRE), the Queensland government-owned investment corporation.
Alongside the Coles, stage one will include a pharmacy, bank and a variety of food and beverage offerings. Construction of the $40 million development will begin next year.
“This first stage of Merrifield’s City Centre is an essential component of our long-term development that will comprise a best-in-class centre delivered in a number of stages to service Melbourne’s northern growth corridor,” said Steve Leigh, managing director of QICRE.
MAB managing director Andrew Buxton said: The first stage of the Merrifield City Centre represents an important milestone in the creation and delivery of the future epicentre of Melbourne’s north.”
