This article is from the Australian Property Journal archive
COLES has divested another retail asset, pocketing more than $19 million for a brand-new supermarket at the gateway of the Yarrabilba masterplanned community in Logan.
JLL’s Jacob Swan and Sam Hatcher brokered the deal at a yield of 5.44%.
A private investor paid $19.050 million for the 3,532 sqm freestanding supermarket, which is leased to Coles on a 15-year term with options until 2074 and return an annual net income of $1.306 million.
The 1.673-hectare site has 214 parking spaces and is next to a McDonald’s restaurant, and is near Logan Central, Beenleigh and Browns Plains.
The Yarrabilba community is expected to be home to 50,000 people.
The selling agents said freestanding supermarkets remain highly sought after by private investors, given their stable cash flow and strong lease covenants.
“Investors have pivoted to low risk assets such as freestanding supermarkets as discretionary retail segments continue to be challenged,” they said.
Coles recently sold the weathered 9,250 sqm West Gosford Shopping Centre alongside ISPT to private investor Mintus for $23 million, as well as a freestanding supermarket of 4,092 sqm in the northern Brisbane suburb of Kedron for a state record price of $34.24 million.
Recently spun out from parent company Wesfarmers, Coles has also listed the Amaroo Village neighbourhood shopping centre in Canberra’s north with hopes of $30 million, and the Willowdale Shopping Centre in the Sydney’s south west, expecting around $35 million.