Coles Supermarket Gold Coast set for auction

Coles is selling a newly developed supermarket on the Gold Coast.

The  3,717sqm supermarket, 10kms east from Surfers Paradise at Pacific Pines is on a 10,150sqm site and has a 15 year net lease with four 10 year options until 2072.

It is listed for sale through Peter Tyson, Steven Lerche and Pat De Maria of Savills Australia.

Peter Tyson said long term net leases such as this are extremely rare in the marketplace, which coupled with the strategic location within a strong population growth corridor, make the asset very desirable for risk-averse investors.

This is a gilt-edged property,” he said.

“Freestanding Coles Supermarkets are one of the most highly sought after asset classes in the Australian commercial property market.

"The offering is enhanced by a very attractive net lease structure whereby Coles is responsible for all operating expenses – a rare attribute in the Queensland market."

Pat De Maria said recent transactions of freestanding supermarkets over the last 12 months have achieved yields ranging between 3.77 percent and 5.27 percent, with the average yield around 4.5 percent.

“It was also interesting to note, Savills transacted the Coles’ developed and anchored Coburg North Village Shopping Centre featuring 15 specialty shops for $37.98 million at a record yield of 4.9 percent,” he said.

Auction of the Coles Supermarket at Pacific Pines is set for Thursday 20 July 2017 12pm at Sheraton Grand Mirage, Gold Coast.