This article is from the Australian Property Journal archive
COLES has divested another retail asset, this time a neighbourhood centre anchored by one of its supermarkets and a Kmart in Melbourne’s eastern suburb of Boronia for a price believed to be around $35 million.
Within the Boronia Mall, the older 10,000 sqm property has been recently upgraded and is leased Coles on a new 12 year deal, and to Kmart until 2025 with a total net income of around $2.05 million.
As part of an ongoing divestment program, Coles recently offloaded the Amaroo Village shopping centre in Canberra for $29.5 million, as well as the Willowdale Shopping Centre in the Sydney’s south west for around $34.8 million.
The group also listed a development site in Newcastle for $8.9 million, which like the Truganina asset has approval for a neighbourhood shopping centre development and a lease agreement for a Coles and Liquorland.
