This article is from the Australian Property Journal archive
NEARLY 500 enquiries have been made for two supermarkets in the Riverina region of NSW, occupied by Woolworths and Coles respectively, which have sold for a combined $13.3 million.
A Woolworths on Gundagai’s Sheridan Street sold to a NSW-based buyer for $7.2 million, $200,000 above the reserve, according to selling agents from Jones Real Estate.
More than 260 enquiries came for the 2,211 sqm supermarket, which is on 5,382 sqm of land.
Jones Real Estate’s Paul Jones said the property attracted “international interest” with four bidders pushing the property above the reserve”.
He said key drivers of the result were the lease covenant to Woolworths, a top 20 ASX-listed corporation, the property’s passive and long-term income stream and strategic location between Melbourne and Sydney.
Meanwhile, the Coles in Narrandera sold for $6.1 million to a Melbourne investor.
Coles has a 10-year lease over the 2,119 sqm building, which is on a land area of 5,606 sqm.
The vendors were private investors.
