A new Queensland price record has been set after a Melbourne investor recently bought Coles Kedron to the tune of $34.24 million.
The deal with Coles Group has set a new record as the most expensive standalone supermarket that has ever been purchased in the state. The sale beats the previous record of $30.25 million when Coles Pacific Pines was sold in 2017 as well as topping the sale of Coles Alderley for $30.2 million in 2018.
Savills National Retail Investment brokered the deal which was initially agreed in late 2018 and only settled recently, concluding Coles Group Property Development’s divestment program for the year.
“The supermarket’s high-exposure location on the outbound side of Gympie Road, within seven kilometres north of the CBD was a valuable drawcard,” said Savills agent Peter Tyson.
“Coles Kedron’s highly convenient freestanding design differentiates it from larger, less-convenient surrounding shopping centres, ensuring it will remain attractive to shoppers in the long term.”
Coles Group acquired the site at 346 Gympie Road, Kedron over an extended period of time prior to developing it and opening Coles Kedron in 30 September 2017.
The 4,092sqm complex features three tenancies with freestanding 3,915sqm Coles Supermarket apart from specialty stores Liquorland store, Coles Express service station, and Coffee Guru.
Cole Kedron was fully leased, MrTyson said, and provided long lease security with a weighted average lease expiry of 14.7 years. The centre is underpinned by a 15-year lease to Coles.
