Country retail investments collect c$52m

Coles Morwell fronts Elgin, George and Tarwin streets.

Two country supermarket backed shopping centres and a small plaza near one of them are trading for a total of over $52 million.

In the biggest deal, Coles Morwell at 82-116 George St has sold; the price of c$28m would reflect a net yield of just over five per cent.

The Morwell complex contains 259 car parks.

On 1.1 hectares, the asset contains 5265 square metres of lettable area.

The supermarket and its bottle shop arm Liquorland contribute to 94pc of the income; this tenant undertook a $5m renovation of its 4756 sqm space in 2018.

There are also seven specialty stores and 259 car parks.

The asset is about 250 metres from Morwell train station.

The region is 150 kilometres south east of Melbourne.

JLL’s Tom Noonan, Stuart Taylor and MingXuan Li were the agents.

Sale sale

Meanwhile, about 60kms east of Morwell, at Sale, Castlerock has offloaded the Spotlight Plaza for $4.55m.

That negotiation, with a China-based investor, reflects a 5.2pc return.

On a 6774 sqm L-shaped plot at 216-228 Raymond St, also with frontage to Cunninghame St, it contains 117 car parks.

Spotlight occupies the bulk of the 1908 sqm area; Collins Booksellers rents one of the three specialty tenancies (story continues below).

Stonebridge Property Group’s Rorey James, Justin Dowers, Kevin Tong and Nic Hage were the agents.

Swan Hill

Also this month, a Coles backed shopping centre at Swan Hill, 340km north of Melbourne, traded for $20.075m – a 5.08pc yield.

On 8230 sqm bound by Beveridge, McCrae and Splatt streets, Swan Hill Square also contains a Liquorland, and four specialty stores.

The lettable area is 3452 sqm.

Mr Dowers and Mr Tong brokered the sale.

The vendor also holds The Clarendon Centre, in South Melbourne, Greenvale Shopping Centre in the city’s north and numerous Cairns investments.

And another c$60m on the coast

Near the coast meanwhile, Bairnsdale’s Eastwood Village, in the Gippsland Lakes, is under offer, while Torquay Village, offered by David Feldman, is selling for $40m.

More to come.

Swan Hill Square (left) and Spotlight Plaza.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of