SPAR Australia moves into Sydney’s Waterloo
Retail group SPAR Australia will open its second store in South Sydney in the inner city suburb of Waterloo as it looks to expand its footprint in the area.
SPAR is looking to capitalise on the growing South Sydney Market, with a 302 sqm grocery store in Divercity Village at 850 Bourke Street. Its first store South Sydney store is in Redfern.
According to Colliers International's Joshua Bush, who leased the space to SPAR, there are over 20,000 people living in Waterloo, with population growth showing no signs of slowing down.
Divercity Village has an array of shops and food places, including Misura Interiors, LJ Hooker, Bumble Bee Drycleaners Pet Wonderland, La Coeur Day Spa and Zoo Family, and a Malaysian restaurant.
“Divercity Village was created to service the direct needs of the locals and provide amenity to the currently under supplied greater Waterloo precinct. The medium age group is 32, typically university educated with a predominance of double income couples looking for convenience," he said.
There are also more than 1,000 apartments in the delivery pipeline in the immediate Divercity precinct.
Bush said SPAR's Waterloo store would offer local customers a one-stop shop.
The store boasts an upmarket European fit out, for which the brand is famous across the world.
Nearly 11 million shoppers pass through the doors of SPAR stores in the world each day. SPAR Australia had more than 140 stores in 2015, up from 25 in 2006.
Bush did not disclose details of the lease, but rents are seen to be growing in the area, with many new retailers paying more than $850 per square metre.
