Costco spends $30.5m for showroom to expand Auburn store
Costco is speculated to be paying $30.5m for a showroom next to its Auburn store, which will be extended.
Its new 9394 square metre site, 13-15 Parramatta Road, Lidcombe, is occupied by Plush Sofas, a division of Greenlit Brands, which also controls Freedom, OMF and Snooze.
The property’s northern boundary abuts the Western Motorway; to its other side Lidcombe Shopping Centre.
The suburb is about 15 kilometres west of Sydney.
Costco opened at Auburn 10 years ago
Costco completed its c16,500 sqm Auburn store and distribution centre at 17-21 Parramatta Rd, 10 years ago.
Nationally it trades from 12 outlets and recently moved into a new Kemps Creek logistics complex.
More than 550 of the retailer’s near 800 shops are in the United States (story continues below).
A representative has been contacted about 13-15 Parramatta Rd.
Greenlit reweighting local portfolio
Greenlit, which in 2019 sought to operate independently from the Johannesburg based Steinhoff Asia Pacific, also owns local real estate including more than half a dozen industrial sites.
Last year it sold a Moorabbin, Melbourne, showroom with a leaseback to Freedom and Barbecues Galore, to a Macau investor for $21.8m.
In 2019 the group divested businesses Harris Scarf – one of Australia’s oldest retail brands – and Best and Less.
Eight months ago, the latter’s Leichhardt headquarters at 657-673 and 675 Parramatta Rd was offloaded for $29m.
Top: Google Street View.
