Coles in Moss Vale sells for $9.45 million

Coles in Moss Vale sells for $9.45 million
Staff reporterDecember 7, 2020

The Coles supermarket in the NSW Southern Highlands town of Moss Vale has been sold to MPG Funds Management for $9.45 million.

Located at 13-19 Kirkham Street, the property comprises a 2,500 square metre freestanding Coles supermarket – the only full line supermarket servicing the catchment.

The property, which is situated on a 7,199 square metre strata title site, is currently leased to Coles until 2025, generating an estimated income of $561,547 per annum.

CBRE’s Justin Dowers and Nick Willis, who negotiated the sale on behalf of a private Victorian investor, said the sale reflected one of the strongest freestanding supermarket transactions in New South Wales this year translating to a yield of 5.9%.

MPG Funds Management’s Brett Gorman said the property’s strong tenancy profile presented an attractive addition to the MPG Retail Brands Property Trust, which targets well-known tenants on long term leases.

The sale follows the recent transaction of Dan Murphy’s in Wagga Wagga through CBRE on a 5.3% yield to a private Sydney based investor.

Editor's Picks

Box Hill's best new apartment development approaches completion
"We will reward the buildings that are designed the best" VIC Gov to speed up approvals for best designed apartment developments
Beulah unveils new sustainable Fitzroy development
UEM Sunrise approved to develop two towers on Subiaco Oval
Traders in Purple line-up new Padstow development