This article is from the Australian Property Journal archive
A BRAND new Pacific Pines Coles supermarket in the Gold Coast’s north-west has sold at a highly anticipated auction for $30.025 million, on a tight 4.63% yield.
The freestanding full-line supermarket and Liquorland store was completed in November last year and has a gross floor area of 3,717 sqm. It is positioned on a 10,150 sqm corner site at 2 Norris Street and includes grade-level and under-croft parking for 194 vehicles.
Coles put the property to the market via auction held yesterday at the Sheraton Grand Mirage Resort, handled by David Scholes of Auctionworks at the Sheraton Grand Mirage Resort yesterday.
It was offered with a long-term net lease to the supermarket of 15 years with four 10-year options until 2072 returning $1,389,504 per annum, and changed hands at a price tag on par with speculation.
Savills’ Steven Lerche, Pat De Maria and Peter Tyson marketed the property.
The sale comes within a few weeks of a Chinese investor acquiring the Pinnacle Pines retail centre in the same suburb for $19.7 million at a 5.47% yield, which includes a 7-Eleven service station and McDonald’s.
Late last month, SCA Property Group paid $46.3 million at a 6.00% yield for the 6,900 sqm Worongary Town Centre, also on the Gold Coast, which is anchored by a 3,000 sqm Coles supermarket.
A private investor snapped up the Park Village Shopping Centre in Brisbane’s Middle Park a few days later for $35.2 million, on a yield of 6.47%.It has a gross lettable area of 6,421 sqm and is anchored by a 2,626 sqm Coles Supermarket.
Shortly afterwards, Melbourne-based fund manager MPG Funds purchased the Beaudesert shopping centre in Queensland’s south-east for $16.85 million.
Anchored by Woolworths and with 12 specialty tenants, the neighbourhood centre transacted on a 6.5% initial yield in an off-market deal.
Meanwhile, the strata-titled Coles-anchored Entrada Shopping Centre in central Parramatta has been acquired by New Zealand’s Cook Property Group for $41.32 million.
The 5,570 sqm asset sold on a 5.7% yield, with a 20-year lease to the supermarket and 10-year WALE. CBRE sold the property on behalf of Centennial Property Group.
Earlier this month a private equity trust picked up the Coles-anchored Market Plaza shopping centre in Sydney’s south-western suburb of Chipping Norton for $30.35 million, also at a 5.7% yield, with an initial lease until 2027. It also has an ANZ bank branch and 17 specialties.
Australian Property Journal
