This article is from the Australian Property Journal archive
A COLES-anchored retail asset in the booming Rio Tinto-backed mining town of Tom Price has hit the market and is expected to attract national and international interest.
The Coles supermarket, located in Western Australia’s Pilbara region, is the only full-line supermarket within a 275-kilometre radius. It is complemented by a supporting specialty tenant.
Colliers state CEO, Richard Cash and executive of investment services, Aidan Austen have been appointed to sell the property.
“This presents a unique chance for investors to acquire a property featuring a thriving Coles supermarket and a supporting specialty tenant, situated in the Rio Tinto-supported town of Tom Price,” Austen said, adding that the agents anticipate significant interest from “diverse buyers who value its exclusivity and its crucial role in serving the neighbouring communities”.
The supermarket is a strong performer and has demonstrated consistent turnover growth over the last five years, according to the agents.
“Blue chip leased investments, in particular supermarkets at this price point are extremely rare. Coles Tom Price is strategically positioned to service both the local and tourist traffic coming through the town as well as the nearby Rio Tinto mining workers,” Cash said.
Expressions of interest close 10th April.
The town of Tom Price is located close to the Mount Tom Price mine, which is fully owned and operated by Rio Tinto.
Tom Price, at 747 metres above sea level, is the highest town in Western Australia.
