Aldi has sold a retail complex it used to anchor in Sydney’s west Auburn.
The ex-Coles on 3889 sqm at 6-10 Harrow Road is trading for $21.08 million to an investor – despite a campaign targeting developers.
When the property was listed three months ago, the guide was c$15m.
Aldi Foods Limited paid $6.475m in 2007, later configuring 2446 square metres of internal area as four specialty stores and an 1861 sqm supermarket with a cool room, which it vacated in November and is for lease.
At the south east corner of Mary Street, the centre also includes 72 car parks and loading docks.
It occupies a B4 Mixed Use zoned site which would allow for c38 metre tall structures (story continues below).
If a Draft Cumberland Local Environmental Plan is implemented, the airspace could make way for c55m (approximate 20 storey) towers, according to Ray White Commercial – Western Sydney selling agents Joseph Assaf, Peter Vines and Victor Sheu.
The brokers formalised a deal in December, about three weeks after closing an expressions of interest campaign.
Aldi relocated its Auburn store to rented accommodation – a former Big W tenancy at nearby Auburn Central, a shopping complex Elanor Investors Group recently sold to SCA Property Group for $129.5m.
In two tranches last year, the Essen supermarket chain banked $929.5m offloading six distribution centres with leasebacks to a Charter Hall and Allianz Real Estate partnership.