A boutique Woolworths supermarket catering to time-poor shoppers will anchor Geocon's $1 billion flagship Belconnen development.
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The supermarket chain has struck a deal with the construction giant to establish one of its small-scale stores at Geocon's Republic precinct, which is under construction at Edmonstone Place.
The so-called Woolworths Metros are smaller than the chain's traditional supermarkets, and are pitched as an alternative to convenience stores for time-poor shoppers looking to stock up on small items or "ready-to-go" meals.
More than a dozen stores have popped up across Australia since Woolworths launched the concept early last year.
Geocon's director of commercial sales and leasing, Mark Nicholls, said securing Woolworths as an anchor tenant was a major coup for the Republic project.
The wider project - which features two 27-storey buildings, the tallest in Canberra - includes more than 1200 apartments, a 152-room Abode Hotel and a 500-space carpark.
The Woolworths supermarket will occupy 1000 of the 6000 square metres of commercial and retail space planned for the site.
"This will add significant value to the precinct and attract a wide range of ancillary retailers, food and beverage operators and commercial tenants," Mr Nicholls said.
Woolworths Metro general manager Justin Nolan said the store would cater to a growing need among inner-city customers for convenient shopping options.
Geocon last year announced Republic's original 10-year construction timeframe would be slashed to three years after a financing deal was reached with global investment firm Goldman Sachs.
The project's first stage - including the Woolworths supermarket - was scheduled for completion later this year. Construction on the second stage was expected to be finished by mid-2020.
More than $350 million worth of apartments have been sold at the development, which is arguably the most ambitious among Geocon's bulging catalogue of projects under way or in the pipeline across the ACT.
"There is an unprecedented demand for apartments and the rental crisis is worsening," Geocon's managing director Nick Georgalis said.
"With sky-high rents in the ACT, almost surpassing Sydney and positioning itself as the most expensive rent in Australia, the idea of owning an apartment and mortgage repayments being less than rent in Canberra is drawing interest globally.
"The booming population and employment market here will be driving demand even higher over the next few years."
