Woolworths buys Lakeside Shopping Centre at The Entrance
Supermarket giant Woolworths has been identified as the buyer of the Dunnet Properties owned Lakeside Shopping Centre at The Entrance through its property arm Fabcot Pty Ltd (See CCBR August 2023).
Fabcot is reported to have paid just over $51 million for the 2.14ha site with frontages to The Entrance Road, Dening Street and Taylor and Warragal Roads and is undoubtedly a Key Development Site in The Entrance.
The site is mostly undeveloped except for the shopping centre with a Gross Lettable Area of around 5,000sqm anchored by a Coles Supermarket.
The big question now is what Woolworths proposes to do with the site, but it can be confidently assumed that they plan to make life uncomfortable for Coles, which has been the anchor tenant since the centre was developed in 1980.
Woolworth’s footprint on the Central Coast runs to 10 supermarkets while Coles operates 20 supermarkets and Aldi 11.