Council secures prime Sydney Road site for city centre renewal

28 October 2009

Moreland Council this week announced it has purchased the second Coles supermarket site in Coburg's central activity centre, securing key Sydney Road access for its urban renewal portfolio for The Coburg Initiative part of this major activity precinct.

Mayor Lambros Tapinos said Council paid $12.15 million for this strategic 4,500 square-metre Sydney Road property, which includes the all-important link to Victoria Mall.

“This is a coup for Council and a great boost to our plans for Coburg,” Cr Tapinos said.

“This adds another big development site to Council's already diverse urban renewal investment portfolio at Coburg, and sends a strong market signal that Moreland is ready for business on a billion-dollar scale,” Mayor Tapinos said.

“Council struck while the iron was hot and is very pleased to have taken a market lead in this acquisition.”

“It shows Council's confidence in its market assessment for this important inner Melbourne urban redevelopment project and its determination to ensure the Moreland community gets what it needs and wants,” he said.

Council purchased the former Bi Lo (now Coles) supermarket for $9.3m in 2006. It now owns or controls a total of 12.5 hectares in central Coburg, including the Coles Supermarket and surrounding car park in Victoria Street, the Coburg Library, the Russell Street car park, the Coburg Leisure Centre and the Civic Centre site on Bell Street. 

“This latest purchase, together with the existing Council land holdings, will ensure Council turns the Coburg 2020 vision into reality,” the Mayor said.