Cedar Woods Properties has signed a 20 year lease deal with Woolworths to open three flagship stores at Williams Landing in Melbourne.
The Williams Landing planned community will be home to a Woolworths supermarket, Big W and a Masters home improvement store, with a total leased area of 25,400 square metres.
The company is currently undertaking detailed design and subject to completion of specialty leasing, final statutory approvals and constructions finance, the first stage of the Williams Landing town centre is expected to open in 2013/2014.
Paul Sadleir, Cedar Woods Properties managing director, said the lease is an important outcome as it will be the anchor tenants for the Williams Landing project.
In addition to the Woolworths supermarket and Big W store, the first stage of the 50 hectare Williams Landing town centre is expected to include one further supermarket and a range of specialty shops, restaurants and offices.
The Masters home improvements store will be one of the first to be rolled-out by Woolworths in Victoria. At a cost of around $18 million, it will anchor the adjacent Williams Landing home-maker precinct.
The total cost for the first stage of the town centre development is expected to be around $130 million, expanded over the next three years.