Postscript: The Australian is reporting in this item on July 9, 2019, that the purchaser is Sydney-based investor Isaac Solomon.
A near-new Coles-anchored retail complex in Melbourne’s north is selling for the second time in less than three years.
The Coburg North Village Shopping Centre hit the market in late January. It is trading for $47 million.
The centre was offered by Indonesian born investor Raymond Joe, who paid Coles $38 million for it in November 2016 – a deal which reflected a low 4.94 per cent yield.
On a 1.8 hectare site at the high-profile corner of Gaffney and Sussex Street, the centre includes 6283 square metres of retail area and a large open-air car park.
Fifteen non-discretionary retailers tenant the property which returns annual rent of approximately $2.7 million.
The site is not far from the Lincoln Mills Homemaker Centre which includes an 11,500 sqm Bunnings, a 3800sqm Harvey Norman and a 2000 sqm Officeworks.
Coburg North is about 11 kilometres from the CBD.
In October we reported that Charter Hall paid Village Roadshow $12.5 million for the Coburg Drive-In theatre at 155 Newlands Road, Coburg North.
It is expected Charter Hall will replace this 8.1 hectare block with housing, or commercial space, once a 10-year leaseback expires.
At that stage, the drive-inn will have been based on the site for 63 years.
Earlier this week, we reported CBRE sold a smaller IGA-occupied supermarket in Ringwood East for $7.34 million. On Commercial 1 zoned land opposite the suburb’s train station, this block has longer-term high-density residential redevelopment potential.
Last year, two Woolworths-leased supermarkets in Melbourne’s east traded for a total $33.3 million.
In the largest deal, the Nossbaum family sold a Burwood East holding for $18.2 million.
Meanwhile, lawyers Jeffrey Pinch and Jeffrey Appel with investment banker Michael Naphtali, banked $15.1 million for a Scoresby asset.