This article is from the Australian Property Journal archive
THE first NSW freehold supermarket to be publicly marketed in over a year has been sold to a high-net-worth Sydney investor for $24.5 million.
Woolworths Umina Beach on the Central Coast attracted over 230 enquiries after being put to the market in September and sold at a yield of 5.14%..
Colliers’ James Wilson and Ben Wilkinson sold the centre on behalf of an investor from Melbourne who acquired the supermarket directly from Woolworths’ development arm Fabcot in around 2013.
Standing as the largest freestanding supermarket offering in the catchment, Woolworths Umina Beach is on a 4,451 sqm site and was offered with a 6.64-year weighted average lease expiry from its 18-year lease, plus 10-year option periods. Trading commenced in 2011.
Offers came from a mix of NSW, interstate and offshore private investors.
“The purchaser recognised the long-term security of the asset and future growth of Woolworths within the tightly held Umina catchment,” Mr Wilkinson added.
The centre has 118 basement car parking spaces and ample adjacent council car parking.
It is located 11 kilometres south-west of Gosford.
Well into December, Coles Tumut in the Riverina region became the first freestanding supermarket in NSW to change hands in 2024, according to the selling agents, picked up by a private Victorian investor for $12.9 million.
Investment into supermarkets and neighbourhood shopping centres in the state surged past the rest of the country by more than 15%, according to JLL.
