The development arm of grocery giant Woolworths has received gateway determination for a mixed-use development on a 2257sq m site in a blue-ribbon Sydney suburb.
A former petrol station and a single-storey home at Rose Bay would make way for the four-storey shoptop development at the corner of Albemarle Avenue and Old South Head Road under the plans by Fabcot.
But it has not been smooth sailing for the developer.
Woollahra Municipal Council unanimously voted down the planning proposal in August of 2023 after its local planning panel recommended the council amend its local environmental plan and the committee recommended the plan be refused.
The developer then appealed and has received gateway determination. It will now prepare a development application for submission.
Fabcot acquired the two sites in 2019 and 2020 for a total of $27.35 million, according to CoreLogic data.
Last year it won approval to activate the site with a direct-to-boot Woolworths offering.
The Woolworths development arm has put forward apartment projects across Australia, including at Kangaroo Point in Brisbane, Elsternwick in Melbourne and Neutral Bay in Sydney during the past six months. It says the move is in response to the changing nature of shopping behaviours.
The PBD Architects-designed project at Rose Bay is aimed at creating architecturally designed owner-occupier luxury apartments with the services, retail and infrastructure that would create a liveable community.
The development would comprise 13 apartments above a small-format Woolworths, which would span two levels, basement parking and a pocket park.
Woolworths is actively acquiring property and has a significant portfolio.
Woolworths annual report for the past financial year revealed payments for the purchase of property, plant and equipment and intangible assets had increased 4.3 per cent compared to the previous year to a total of $2.5 billion “primarily due to an increase in property development expenditure and stay-in-business capital expenditure”.
