An investor has spent $4.25 million for the strata titled south east edge of the Kilsyth Shopping Centre. The 2183 square metre building, which occupies all of the footprint, is tenanted to Coles on a month to month basis and was also marketed to owner occupiers. On Commercial 1 zoned land, Savills’ Rick Silberman andRead more
Coles Property Developments has sold a former supermarket and car park earmarked in planning documents to make way for a landmark project. The $15.5 million price paid for 277 Barker Road, Subiaco, represents “a significant uplift on book value”, according to JLL marketing agents Sean Flynn and Nigel Freshwater. Following the close of an expressionsRead more
Coles Group has pre-committed to two high-tech distribution centres at Charter Hall Prime Industrial Fund (CPIF) owned estates in Melbourne and Sydney. The agreements, for a combined lettable area of 60,000 square metres, come six months after Charter Hall Group reset and extended leases to the same tenant, affecting Adelaide and Perth warehouses measuring aRead more
Coles Group Property Developments has sold another supermarket with a leaseback, this time in Sydney’s West Ryde CBD. A Victorian private investor is paying $23.85 million for the stratum-titled Coles West Ryde complex. Based on the asset’s annual rental return ($1.395 million), the deal is being struck on a 5.85 per cent passing yield. ColesRead more
A Coles tenanted supermarket in Drouin, about 37 kilometres east of Pakenham, sold for $12.5 million at Burgess Rawson’s 133rd portfolio auction event yesterday. Interestingly, the vendor acquired the asset at 10 Hope Street three years ago at the agency’s 107th gathering. It cost $10.01 million, then. Covering a site area of 4874 square metres,Read more
One of two Chinese investors who flew to Melbourne for the auction of a Coles supermarket in bayside Mentone last week walked away with the title. The centre, 81 Mentone Parade, exchanged for $15.3 million – reflecting a 3.4 per cent passing yield which marketing agency CBRE said is the tightest for a supermarket investmentRead more
EXCLUSIVE In a surprise and strategic move, Charter Hall Group and Coles have extended tenancy terms for major distribution centres in Adelaide and Perth. The 15-year deals, which kick in on January 1, 2020, will see the leases for both properties expire at the same time, in December, 2034. Coles’ rental agreement at Adelaide wasRead more
Coles Group has offloaded two pieces of the Boronia Mall, in Melbourne’s east. One investor is paying a price speculated to be $35 million for the neighbouring, strata-titled assets: A 2942 square metre supermarket tenanted to Coles until 2031, and A 7182 sqm outlet rented to Kmart until 2025. The investments return a total annual rentRead more
EXCLUSIVE Coles has successfully auctioned a high-profile former used car dealership in Melbourne’s Gardenvale. A developer fought three underbidders to snare 203-207 Nepean Highway, paying $3.65 million. The purchaser plans to owner-occupy part of a mixed-use project now set to replace the 1123 square metre holding. Zoned Commercial 1, a variety of development outcomes canRead more
Coles can expect to bank more than $30 million selling two neighbouring strata titled retail assets within the Boronia Mall, in Melbourne’s east. One of the spaces, configured as a supermarket, is being offered with a leaseback expiring in 2031. The other strata property is rented until 2025 to department store K Mart, a WesfarmersRead more
EXCLUSIVE Coles is selling a high-profile development site in Melbourne’s exclusive Gardenvale. The former car rental yard at 203-207 Nepean Highway is expected to sell for more than $3.5 million according to sources Part of the 1123 square metre parcel is zoned Commercial 1 – allowing for it to be replaced with apartments. The balanceRead more
Coles Group has sold a two-year old supermarket in a growth corridor midway between Brisbane and the Gold Coast. The 3532 square metre complex with 214 car parks is on a 1.7 hectare site (pictured, top) at the entrance of the Yarrabilba master-planned community. The supermarket giant offered 2-24 Waldron Street with a leaseback –Read more
Dexus has secured three major tenants at is Foundation industrial estate in Truganina, west of Melbourne. Dunlop Flooring has leased a 9100 square metre property under construction at 380 Dohertys Road, which it will occupy as its headquarters and national distribution centre. This building will also contain a showroom. Supermarket giant Coles meanwhile, will occupyRead more
EXCLUSIVE The Saristavros family – founders of the Black Swan dip brand – has banked $7.38 million selling a strata-titled supermarket within Melbourne’s Lalor Plaza to a Chinese investor. The Saristavros’ paid $8.3 million for the investment in late 2016 – two years after selling Black Swan to Monde Nissen Corporation for $115 million. TheRead more
Coles Group has sold a recently completed shopping centre in Melbourne’s north for a price understood to be more than $44 million. Aurora Village in Epping is trading to a China based investor on a passing yield of less than 5.8 per cent net. About 20 kilometres from the CBD, Epping is one of Australia’sRead more
A Coles Local concept store more than two years in the making opened this week in Melbourne’s Surrey Hills. The supermarket’s first “small format store” (pictured, top) is trading at 126-138 Union Road, beside the Surrey Hills train station. Coles is owner-occupying the outlet after acquiring it for an undisclosed sum. The 1860 square metreRead more
Mapletree Logistics Trust has finalised the purchase of a Coles distribution centre, in Brisbane, for c$102 million. At that price, the complex at 44 Stradbroke Street, Heathwood, in the city’s south-west, is trading on a passing yield of six per cent. Close to the Logan motorway, the 55,729 square metre complex sits on a 15.1Read more
Coles Property Group is selling another neighbourhood shopping centre with a leaseback. Aurora Village in Epping, in Melbourne’s north, is expected to sell for more $40 million, according to sources, which would reflect a passing yield of less than 6.25 per cent based on the annual rental return of more than $2.5 million. The recentlyRead more
WESFARMERS owned retail giant, Coles Group, is expected to make about $100 million from the sale of a prominent Bourke Street retail complex in the Melbourne CBD.
Coles will sell the 1982 Target Centre building (pictured, right) with a 20 year lease to Target. The complex also includes speciality retail stores, currently leased to Jetstar and Monash University.
Coles is expected to spend funds raised from the sale into its supermarket operations.Read more
TWO of Australia’s largest conglomerates have quietly circulated industrial leasing requirements seeking new, supersized Melbourne factories.
In the biggest tenancy request, the Wesfarmers owned Coles Group, from Perth, is looking for a purpose built office warehouse of close to 80,000 square metres – or almost the same size as the Rialto towers, by floor area.
Coles, which last month reported more than triple the quarterly sales growth of rival, Woolworths, will consider sites all over metropolitan Melbourne for its new major distribution centre.Read more