COSTCO is going forward with the construction of its first Adelaide store at Axiom’s flagship Churchill Centre retail project.
Under the terms of the agreement, Costco will lease the land parcel immediately adjoining Axiom and its joint venture partner’s shopping centre for an initial term of 50 years commencing May 22, for an upfront, one-off payment of $19.75 million.
Located in the Adelaide suburb of Kilburn, Churchill Centre North will comprise a 20,000 sqm shopping centre, Costco store and additional future development land.
Churchill Centre is a joint venture between Axiom and Southern Cross Equity Group. Stage one of the project will comprise in excess of 35,000 sqm of retail, inclusive of the Costco store.
The shopping centre is due for completion on May 28. Major tenants include Coles, Kmart, Liquorland, Coles Petrol, McDonalds, Priceline Pharmacy, Australia Post and Dick Smith.
‘This is an exciting milestone moment for this entire project. Having the first Costco warehouse in Adelaide as part of this major centre is a significant endorsement for this development and the location,” Axiom’s managing director Ben Laurance said.
The Costco store is expected to be open and trading in November.
Property Review
