First look exclusive: Coles to turf out Woollies in $170 million Neutral Bay development
ASX-listed supermarket gaint Coles is seeking to create a new home for itself in Sydney's affluent Neutral Bay, in turn turfing out their fiercest competitor in the process.
They've filed concept plans with the North Sydney Council for a $170 million mixed-use village at 41-53 Grosvenor Street, currently the home of a full-line Woolworths, BWS, and a council car park.
The plans, submitted by Coles Group Property Development Ltd which is directed by Coles CFO Sharbel Elias and Chief Legal Officer David Brewster, include what is described as a new "state-of-the-art Coles supermarket" and a Vintage Cellars, as well as two additional small shopfronts. They will create a landscaped public plaza which will create a landscaped public plaza which will replace the current council carpark.
Above the street will be seven levels of apartments, which will home 72 new apartments. The one-bedroom apartments from 73 sqm, two-bedrooms from 98 sqm, and three-beds from 153 sqm.
There will be two levels of Coles customer basement parking, and a level dedicated to resident parking.
SJB Architects handled the design, suggesting in the plans that Neutral Bay Town Centre will be re-imagined as a vibrant village neighbourhood with a green, porous, flexible and accessible heart.
"Situated right at the heart of Neutral Bay, the site has potential to be a place truly ingrained in the community. A combination of providing much needed public open space, pedestrian connectivity and activation linking to surrounding businesses means Neutral Bay Town Square can be the heart of community geographically and culturally."
They said landscaping plays a vital role in the success of a mixed-use precinct.
"Whether situated on the ground level, roof gardens, or balconies, gardens are essential in enhancing the overall appeal of apartments.
"By serving as an inviting space for residents and acting as a buffer between different users of the site, expansive gardens on the podium roof contribute to the flourishing retail precinct. Additionally, they provide a sanctuary for local birds and insects in the urban environment. These gardens will become a defining feature of the site, offering a unique experience to the public and creating a desirable natural backdrop for the plaza, both at street level and atop buildings."
They suggested the residential component to the new development will sit as a quiet backdrop to public life below.
"Residences located in a mixed-use precinct such as this provide self-serving activation as well passive surveillance and safety of the public domain that it sits within.
"The residential component is critical in establishing an 18hr precinct that is destination throughout varying times of day and night. The residential buildings will also be quiet in their material palette with the opportunity to also incorporate masonry at the upper levels for its high level of quality, craft and familiarity in establishing new homes. In any case the residential components of the building should be light in colour and link themselves to the sky and views beyond the site."
The North Sydney Council is currently preparing a Neutral Bay Town Centre Planning Study, having earlier this year sought feedback from the local community. It will be prepared with input from expert economic, transport and design specialists.
They said the study will guide future development proposals within the centre which may include targeted modest increases in height and density while retaining the village atmosphere.