First time Chinese investor snares Melbourne supermarket
A first time China based investor has picked up a Woolworths supermarket in Melbourne’s east Monbulk for c$14.5 million.
The result for the 6902 square metre holding at 27-35 Main Road, on the corner of Moores, reflects a 4.45 per cent net passing yield.
The lease agreement is also triple net, meaning the occupier picks up all outgoings and maintenance costs.
With 2530 sqm, it was last refurbished in 2016.
CBRE’s Nathan Mufale, Scott Hawthorne, Jing Jun Heng and Jaycen Willox represented the vendor which paid $8.4m 14 years ago.
Woolworths Monbulk
The complex was built on Commercial 1 zoned land owned by the University of Melbourne before 1994 (story continues below).
With options, the tenant can stay until 2064.
The deal comes 16 months since Woolworths outlaid $12.85m – a 3.3pc return – for an 1827 sqm tenancy it occupies on Glenferrie Rd, Hawthorn.
Also last year the supermarket giant paid over $37m for a collection of Oakleigh South commercial sites earmarked for a rezoning to allow a residential based mixed-use project.
Monbulk, in the Dandenong Ranges, is about 42 kilometres from Melbourne’s CBD.
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