Black Swan dip founders sell Coles Lalor Plaza for $7.4 million

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.

The 2050 square metre asset is fully leased to Coles which pays net annual rent of $468,512.

On that basis, it is selling on a passing yield of 6.3 per cent.

An aerial image of the Lalor property (outlined).

Coles has less than five years left to run on its rental agreement.

The strata asset occupies about 40 per cent of Lalor Plaza, a shopping centre at the north-west corner of McKimmies Road and Darebin Drive. Lalor is about 18 kilometres north of the city.

CBRE’s Joseph Du Rieu, Rorey James and Justin Dowers with Gross Waddell’s Alex Ham and Michael Gross were the marketing agents.

The agents said that over the past two years, six single tenanted Coles supermarkets have transacted in Victoria, for a total of $95 million. Only one was worth less than $10 million. The average yield was 4.68 per cent.

In January, the Saristavros family offered a $1 million reward for information which could lead to finding the killer of patriarch Christos who was shot dead following an ambush outside a charity event in Box Hill in 2000.

Christos founded Black Swan’s operating company, Poseidon Tarama, which first produced Poseiden Dips, in Clayton South, in 1980.

The Lalor Plaza strata-investment sold to a Chinese investor for $7.38 million yesterday.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco