Coles buys service station to extend store
EXCLUSIVE
Coles has quietly paid $10 million for a Melbourne service station to extend a supermarket bought in 2023 from the landlord.
The retailer settled on the ex-BP at 357-359 Bluff Road, Hampton, last year.
Also with a car wash, the 2993 square metre property had not long earlier been listed for rent.
It previously traded in early 2010 for $2.6m with a leaseback.
Last month we reported Coles paid the operators of Leo’s Supermarkets c$33.25m for a Glen Iris property to occupy.
In September meanwhile the supermarket agreed to pay the City of Port Phillip $30m for a car park allowing it to extend a Balaclava store bought in 2023. Both those transactions – as with the Glen Iris deal – were negotiated off-market too.
Hampton’s biggest site just got bigger
Coles began razing the Hampton service station last month (continues below).
An underground car park is expected as well as a supermarket extension, but this couldn’t be confirmed.
The retailer has occupied next door – 361-371 Bluff Rd – since the 1980s.
It paid $17.2m for that property – a 2.7 per cent net passing yield – following a public marketing campaign.
Covering 5274 sqm, it was said to be the suburb’s largest private landholding.
With the ex-BP, the site spreads 8267 sqm.
The deal comes six weeks since we reported rival Woolworths bought a Doncaster East store, part of Devon Plaza, from its landlord, outlaying $16.35m – a 3.65pc return.
Hampton is about 14 kilometres south east of town.
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