Coles sells permit-ready mall, apartment project
Coles Group Property Development has sold a Caringbah apartment and retail site – part of which its sister supermarket arm has pre-committed to.
Local outfit Conquest, led by Michael Akkawi, is the buyer – outlaying $44 million.
The proposed commercial component, also includes a Liquorland and six specialty stores.
The full line Coles will spread 4073 square metres.
The shops will sit beneath 120 apartments, with between one and three bedrooms, some units offering Port Hacking water views.
CBRE James Douglas and Ben Wicks sold the 6453 sqm parcel, 200 metres west of Caringbah station (story continues below).
“The sale campaign generated national interest from leading retail and residential developers who were attracted by the de-risked nature of the opportunity, via the Coles pre-commitment and planning approval, and the enhanced returns the apartment component will deliver,” Mr Douglas said.
The deal comes three weeks since we reported Coles Group sold a Camberwell, Melbourne, supermarket anchored commercial complex with a part-leaseback, for $53m.
In May, meanwhile, it offloaded Sydney’s Schofields Village, and Ormeau Village, on the Gold Coast.
Caringbah is 26 kilometres south of Sydney’s CBD.
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