This article is from the Australian Property Journal archive
A FREESTANDING Coles supermarket in Melbourne’s bayside suburb of Hampton is up for grabs, presenting a generational offering amongst some of the city’s most expensive real estate.
Located on a circa 5,274sqm zoned Commercial 1 site in Hampton, around 14km south-east of the CBD, the supermarket features an ultra-rare and recently renewed 5-year NET lease to Coles.
Justin Dowers and Kevin Tong from Stonebridge Property Group have been exclusively appointed to manage the sale of the property, which is being offered for the first time in 35 years.
Coles Hampton also features 101 car spaces on-title and 145 metres of frontage, with its one remaining option to Coles establishing exceptional medium term development prospects.
“Coles Hampton is a truly generational offering and represents an ultra-exclusive opportunity to acquire a secure income stream with medium term development prospects in Melbourne’s bayside. Supermarkets of this quality and in this location are extremely tightly held,” said Dowers.
“The Commercial 1 Zoned site it is situated on, is the largest single title in the suburb in Hampton making it one of the premiere and only opportunities for future development of scale in the area.”
A detailed report from Urbis has indicated there is substantial scope to undertake a future mixed-use development comprising multi-level apartments with a supermarket (STCA).
“We expect Coles Hampton to draw interest from a variety of groups, including traditional retail investors, developers and Asian capital,” said Tong.
“With Australia recently being ranked first for Chinese home buyers and net migration at record levels of 700,000 people over the next 2 years, there is substantial capital flowing into the Country that needs to be placed in high quality real estate like Coles Hampton.”
Other major supermarket sales in Melbourne’s bayside have included Woolworths Middle Brighton, which sold for $32,000,000 on a tight 3.78% yield, Coles Mentone for $15,300,000 on a 3.40% yield and Aldi Mordialloc, a strata supermarket, for $10,700,000 representing a 4.69% yield.
“Out of the few supermarkets which have transacted in the bayside area, each have been hotly contested by Asian investors more recently being the Coles supermarket in Mentone which the top 3 bidders were of Asian Heritage,” concluded Tong.
