Coles sells another new shopping centre
Coles Group Property Developments has sold another new Gold Coast supermarket with a leaseback – this time at Varsity Lakes.
The off-market deal for 1 Bellvue Drive, Varsity Lakes, is worth $37 million – a 4.75 per cent net passing yield.
The buyer is a Victorian based investor.
The unique asset, built on a 6500 square metre suspended slab with a click and collect section, contains a basement car park and on-grade car park – all up, over 180 spaces.
Coles’ tenancy, also with a Liquorland, is 3382 square metres.
Also with a click and collect section, it opened in the first quarter.
The seller offered the property with a 10 year leaseback with options able to be renewed until 2075.
Th deal comes three years since the group sold another Gold Coast supermarket it just completed for itself – at Ormeau – also for $37m (continues below).
Profitable flip
Coles paid $7.2m in 2021 for the Varsity Lakes site.
Also highly exposed to Main St, it then contained an office.
CBRE’s Joe Tynan and Michal Hedger brokered the on-sale.
Varsity Lakes is about 10 kilometres south of Surfers Paradise.
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