An investor has spent a speculated $7 million on a Coles backed retail asset at Mooroopna, about 190 kilometres north of Melbourne.
The 1.39 hectare Commercial 1 zoned property at 107-121 Echuca Road contains a 2860 square metre Coles and Liquorland, a separate Shell Coles Express service station and 141 car parks.
Based on the annual estimated net income, the sale price reflects an eight per cent yield.
The occupier is on a 20 year lease expiring next year; with options it can stay until 2042 (story continues below).
Ray White Commercial’s Tom Barr, based in Queensland, with Ryan Trickey – from the agency’s Glen Waverley (Melbourne) office – were the brokers.
Mooroopna is in the Goulburn region, also considered Australia’s ‘fruit bowl’.