Coles sells small Sydney arcade
Coles has sold an Upper North Shore retail property after 20 years.
The part vacant Turramurra Arcade at 1259 Pacific Highway traded for $6 million.
The buyer is a private investor.
The 677 square metre E1 Local Centre zoned site was marketed for its development upside.
Coles paid $4.6m.
Turramurra Arcade
Turramurra Arcade contains 384 sqm configured as five tenancies – three of which are vacant – and five basement car parks.
The site connects to Gilroy Lane and a public car park.
It is also about 100 metres from the suburb’s train station.
“The property’s income can be improved via a revitalisation of the retail arcade and a solid leasing campaign to fill the vacant tenancies,” Knight Frank marketing agents Jeff Moxham and Joshua Baruch (continues below).
The deal comes five months since realestatesource.com.au reported Coles bought the outgoing Leo’s Supermarket in Melbourne’s Glen Iris, to occupy.
That asset set it back $33.25 million after an off-market deal.
Also in the Victorian capital the group recently bought a Hampton service station to extend store.
That property cost $10m again off-market.
Meanwhile in February it acquired a site in a south west Brisbane housing estate.
Coles has also sold recently a shopping centre on the Gold Coast this year.
Turramurra is 17 kilometres north west of the CBD.
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