Aldi – which typically aims to own properties it occupies – has instead sold a bayside supermarket with a leaseback.
The 1500 square metre Mordialloc store at 542 Main Street, on the ground floor of the St Lucia apartment building, is trading for $11 million reflecting a 4.5 per cent yield.
On 3450 sqm the asset also included 65 car parks.
The listing marked the first time Aldi has offloaded a Victorian outlet.
The deal comes 13 months since Aldi sold a redundant Auburn store for $21.1m.
In 2020, in two tranches, the German group offloaded six distribution centres with seven year leasebacks to Allianz Real Estate and Charter Hall for a total of $929.4m (story continues below).
Interstate, overseas investors looked in: agents
“Metropolitan supermarkets are extremely rare at present and the [investment] fundamentals have never been better,” Mr Dowers said.
“Aldi Mordialloc ticked a lot of boxes for investors, which was reflected in the amount of enquiry and offers received throughout our sale campaign,” he added. “Buyers from…Sydney, Perth and Melbourne together with several overseas groups competed for the asset”.
Subscribe to our newsletter at the bottom of this page.