This article is from the Australian Property Journal archive
WESTERN Australia has seen its first transaction of a freestanding supermarket in five years, with the $8 million sale of the Coles Tom Price in the state’s Pilbara region.
The Coles supermarket, located in the booming Rio Tinto-backed mining town, is the only full-line supermarket within a 275-kilometre radius.
The property has been acquired by a group who are prominent in Tom Price, according to Colliers selling agents Richard Cash and Aiden Austen, on a yield of 7.04%.
The vendor was a private family.
The expressions of interest campaign yielded five formal offers, with enquiry coming from local and national investors.
Colliers told Australian Property Journal that freestanding supermarkets in Western Australia very rarely to come to market as there is a scarce amount of them in comparison to the eastern states, and this was reflected in the heavy demand.
“Coles Tom Price serves as a prime illustration of a strategically positioned supermarket that supports both the local community of Tom Price and Rio Tinto’s Mount Tom Price mine site, along with surrounding areas,” Austen said.
Colliers has just kicked off the marketing campaign for a second standalone supermarket in the north-west town of Derby this week.
“Woolworths Derby is poised to attract a diverse group of investors, enticed by its extensive trading history in Derby, an appealing net lease structure, and the chance to acquire a commanding, defensive asset at a cost below replacement value,” Cash said.
Woolworths Derby is offered for sale via expression of interest closing 8th August.
