Kedron Coles sale sets record as the largest freestanding supermarket sale in Queensland
Coles Group has sold its latest Kedron Centre for $34.24 million, setting a new record as the largest freestanding supermarket sale for Queensland.
Savills national director Peter Tyson negotiated the sale to a Melbourne based investor.
The sales tops the $30.25 million sale of the Coles Pacific Pines in 2017. Last year Coles Alderley sold for $30.2 million.
Savills agents Peter Tyson, Ben Parkinson and Steven Lerche fielded enquiry from local, interstate and offshore buying groups.
“The supermarket’s high-exposure location on the outbound side of Gympie Road, within seven kilometres north of the CBD was a valuable drawcard” Peter Tyson said.
“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.”
The 4,092 sqm complex was developed by Coles Group and opened in late 2017. They acquired and consolidated the site over an extended period of time.
It comprises three tenancies, a freestanding 3,915 square metre Coles Supermarket and Liquorland store, plus a Coles Express service station and a café tenancy.
The centre was fully leased and provided long lease security with a weighted average lease expiry of 14.7 years, underpinned by a 15 year lease to Coles.
