Kinglake buys ex-Coles
Kinglake Group has bought a Coles converted large-format-retail investment in Bass Coast’s largest town.
Anchored to Anglicare, with a Cheap as Chips, but a large vacancy, 88-98 Watt Street, Wonthaggi, was offered by a private investor which paid $8.08 million in 2004.
At the time it was occupied by the supermarket.
Near the corner of McBride St, a block from Graham, it is about 800 metres from Wonthaggi Plaza, where the replacement Coles Wonthaggi is.
It is a little less than that to the town’s Woolworths.
The deal comes 18 months since we reported Bunnings Wonthaggi sold, for $22.5m.
The Bass Coast Shire population is about 45,000 people.
Another Wonthaggi deal
Kinglake is now converting a 1529 sqm vacant area into two retail tenancies, with Snap Fitness committed and leasing underway for a c729 sqm corner tenancy fronting Watt St.
The site also has 89 car parks.
The acquisition continues the expansion of Kinglake, which was established in 2023 and is led by Jamie Allen and James Teale.
The group has focused on large-format retail assets where leasing, refurbishment and tenant upgrades can unlock value (continues below).
Its recent purchases include the c$19.5m acquisition of 85 Vineyard Road, Sunbury, a 5550 sqm bulky goods centre anchored by The Good Guys, Petstock, Repco, Total Tools and Worklocker.
It also bought 36-38 Greenway Drive, Tweed Heads South, for $8.75m.
The 3600 sqm site includes an 1820sqm building leased to Clark Rubber, Weber BBQ and The Lighting Superstore.
Kinglake has also recycled capital from earlier acquisitions.
It sold a Supercheap Auto showroom at 1345-1349 Sydney Rd, Fawkner, for $5.45m after acquiring the property for $3.8m in August 2023.
The asset was refurbished before the sale and secured an eight-year lease to Super Retail Group.
The group also sold 72-74 Redland Bay Rd, Capalaba, for $13.5m after buying the Brisbane property for $9m early in 2024.
The deal followed a repositioning campaign that saw Repco commit to a new-generation MAX format store on a 10-year lease.
Wonthaggi is about 130 kilometres south-east of Melbourne and serves as the main service centre for Bass Coast, including nearby coastal communities such as Cape Paterson and Phillip Island.
The region is expected to benefit from more than $640m of government infrastructure investment, including the Wonthaggi North East Precinct Structure Plan, which is expected to guide about 5000 new homes and 6000 jobs over coming decades.
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