Central Coast Woolworths fetches $24.5m
A Central Coast supermarket developed in 2011 by and for Woolworths has sold between New South Wales private investors.
The Umina Beach asset, 261-275 West Street, also facing Bullion and Trafalgar Avenue, fetched $24.5 million – a 5.14 per cent return – following an expressions of interest campaign launched in September.
The occupier pays a turnover rent on top of an agreed minimum. The current lease cycle ends in 2031 when it will be presented with a 10 year option.
Umina Beach, about 90 kilometres north of Sydney and 11km south west of Gosford, has a population 10 times denser than the Central Coast average, Colliers’ Ben Wilkinson, who marketed the asset with James Wilson, said.
Woolworths Umina Beach
Woolworths’ development arm, Fabcot, sold 261-275 Trafalgar Ave with a leaseback in 2011 for $18.25m (story continues below).
That buyer was the seller this time around.
With 3865 square metres on a 4451 sqm parcel, it contains 118 car parks.
It is the largest and most dominant supermarket in the catchment, according to the agents.
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