Coles West Ryde listed for $23 million
Coles West Ryde has been listed for sale with expectations it will sell for around $23 million.
It's the first Sydney metropolitan freestanding supermarket with no specialty tenants, to hit the market in 2019.
Offered by Coles Group Property Developments Ltd, it sits on the ground level, supported by a Liqourland, of a near new apartment building.
The 3,975 sqm strata-titled supermarket with 300 car basement parking is being sold by Colliers International’s James Wilson and Alex James-Elliot.
"Coles Supermarket and Liquorland feature a market leading 12-year net lease structure which offers ease of management to a purchaser," Wilson said.
“Coles West Ryde presents exceptionally well, occupying a high profile and convenient position in West Ryde’s CBD," Wilson says.
“The supermarkets income growth potential is set to benefit from the Main Trade Area’s affluent catchment with household income over 13% above the Australian average, whilst the non-discretionary expenditure is forecast to grow at 5% per annum to 2031”
Alex James-Elliot said the property provides a non-discretionary, defensive income stream for potential investors.
"The risk adjusted returns, when viewed through the currently low interest rate and return on cash environment, will prove attractive to domestic and offshore private investors seeking a secure long-term investment.”
The forthcoming sale of Coles West Ryde continues Coles capital recycling strategy which included the sales by Colliers International of Willowdale Shopping Centre in June 2019 for $34.8 million, Coles Mayfield Development Site in Newcastle for $8.9 million in September 2019.
