This article is from the Australian Property Journal archive
ANOTHER Melbourne supermarket has changed hands, with a full-line Coles in Ringwood East selling for $8.505 million.
The sale of the 1,668 sqm site at 434 Maroondah Highway was negotiated by JLL’s Tom Noonan and Stuart Taylor at a 5.25% yield.
It has a 15-year lease to Coles plus options to until 2041, currently returning $447,000 per annum net. The property had gone to auction on May 11.
The deal follows the recent $11.75 million sale of the Woolworths in the northern suburb of Hadfield at a 3.5% yield, marking the third time the asset had traded in two years. In March, a Coles supermarket in Clayton sold for $17.115 million, at a 2.58% yield.
Both deals were negotiated by CBRE.
Australian Property Journal
