Coles buys Melbourne supermarket off rival
Coles has settled on the off-market deal for an outgoing Leo’s supermarket in Melbourne’s south east.
The multi-level property, 2 Summerhill Road, also exposed to Somerset, Glen Iris, set it back $33.25 million.
A refit is expected rather than a new build.
Sources speculate Coles may be trading there this year.
The deal comes four months since we reported the supermarket giant bought a town centre site at Melbourne’s south-east Clyde, with plans for a retail project it will anchor. Mirvac was that seller, for $17m.
Leo’s sell-down
With the deal for 2 Summerhill Rd, also known as Leo’s Hartwell, the Blake family’s Le Max Group will cease the brand.
Late last year, it sold the Kew supermarket to a consortium including James Packer’s NPACT, which is planning apartments.
That property reaped c$52m.
The Heidelberg store meanwhile collected $20m from Mario Lo Giudice’s Banco Group as an investment with development upside.
Glen Iris is about 10 kilometres from Melbourne’s CBD.
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