Coles has sold another neighbourhood shopping centre with a part leaseback, this time in Perth’s Brabham.
The result for Whiteman Edge Village – $39 million – from a South Australian investor equates to a 5.99 per cent yield.
Completed in 2021, it contains 6136 square metres.
Coles/Liquorland is the anchor.
There are also 10 specialty stores and a Nido backed childcare centre.
Whiteman Edge Village
On 3.68 hectares – 1.47ha of which is undeveloped – Whiteman Edge Village at 100 Everglades Avenue, carries a 10 year weighted average lease expiry (story continues below).
There are also over 300 car parks.
JLL’s Sean Flynn, Nigel Freshwater and Sam Hatcher managed an expressions of interest campaign closing in October.
The deal comes a fortnight since we reported Coles development arm paid $33m for a 17.1ha Cobblebank block, part zoned Town Centre, the other Residential, west of Melbourne.
Last September it paid $17.2m – reflecting a 2.7pc passing yield – for a Hampton supermarket it occupied also in the Victorian capital.
Brabham is about 21 kilometres north east of Perth.
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