New Coles in Kedron expected to spark strong investor contest

A new built freestanding supermarket in inner Brisbane has come to market.

The newly built Coles Kedron, at 346 Gympie Road, has a long WALE appeal of 14.73 years and a 15 year net lease to Coles.

Savills Australia’s National Retail Investments team, Peter Tyson, Ben Parkinson and Steven Lerche, have been appointed to manage the international expressions-of-interest campaign.

“Without a doubt, this supermarket is the best retail offering ever to come to the Brisbane market so we’re anticipating strong competition for Coles Kedron,” Tyson said.

Parkinson said new long-leased freestanding supermarkets are a highly desired investment-grade asset type.

The supermarket is seven kilometres north of the Brisbane CBD.

“Coles acquired and consolidated the site over an extended period of time and positioned the development to capitalise on the city’s growing population, which is underpinned by Brisbane’s ongoing infrastructure investment boom, as well as rising interstate and offshore migration,” noted Tyson.

“Coles Kedron highly convenient freestanding design differentiates it from larger, less-convenient surrounding shopping centres, ensuring it will remain attractive to shoppers in the long term.”