Coles

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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.”
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New Coles in Kedron expected to spark strong investor contest

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Queensland's Lutwyche City Shopping Centre has been sold to a joint group for $65 million, excluding transaction costs.
Abacus Property Group will fund 75% of equity and have responsibility for property, asset and development management services, with Zenonos Group funding 25%.
Lutwyche City Shopping Centre is 18,929m2 has 812 car parks and 12,103m2 of gross lettable area, with Coles and Aldi current tenants and is 90% occupied.
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Lutwych City Shopping Centre sold for $65 million

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Coles has placed its newly developed Coburg North Village shopping centre — anchored by a flagship Coles Supermarket — in Melbourne, on the market through Savills.
The 6,283 square metre GLA centre, on the corner of Gaffney and Sussex streets, will by sold by expressions of interest closing July 13.
The deal includes a new 15-year lease to Coles and Liquorland with the property earning an estimated $1.9 million per annum.
According to marketing agents Pat De Maria, Tom Forrest and Steven Lerche, the complex is expected to attract strong local and off-shore interest due to the appeal of retail investments.
Retail property transactions are currently running at $7 billion to $8 billion a year, bolstered by off-shore and institutional investors and compressed yields, according to Savills’ research. 
“The limited availability to purchase quality retail investments, and the high level of investment demand has intensified competition for available assets,’’ De Maria said.
The centre opened in August 2015 and has a flagship full-line ‘market style’ Coles Supermarket and Liquorland of 4,175 square metres. 
There are 15 other retailers, including a medical centre and pharmacy.
Forrest said the centre benefitted from a large main trade area accommodating more than 46,000 residents and was forecast to grow to 52,050 by 2026.
 
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Coles puts flagship Coburg North Village in Melbourne on market

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Investment firm Sentinel Property Group has divested from another shopping centre with the sale of a Coles-anchored centre at Wellington in central New South Wales for $3.6 million.
The Wellington sale follows on the heels of Sentinel’s sale of the Narromine centre in July for $4.18 million and the <a href="/expert-insights/investing/56688-sentinel-sells-jimboomba-retail-centre-in-logan-city-for-27-48-million" target="_blank">Jimboomba centre</a> in south east Queensland for $27.48 million.
Brisbane-based Sentinel purchased the Wellington shopping centre in May 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.
The fully-leased property at 128-140 Percy Street in Wellington, nearly 50 km south of Dubbo, is anchored by a 2,217 sqm Coles Supermarket and an ATM.
Sentinel managing director Warren Ebert said the company has been capitalising on the rising market demand for neighbourhood-style shopping centres in regional locations.
“Well-located shopping centres in strategic regional hubs and anchored by major supermarket chains are emerging as one of the most highly sought-after of all retail asset classes,” Ebert said.
“There is currently limited availability of this style of property, which is intensifying demand from a wide range of buyers. Fortunately, we have plenty of stock as we were buying when others were not and this presents the opportunity to deliver strong capital growth returns to our investors.”
The Wellington shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Dubbo, Bathust and Broken Hill in NSW and Atherton, Townsville and Emerald (x2) in QLD. 
Investors in the Trust receive net returns of 9.50% per annum, paid from rental income, as well as capital growth returns on divestment, said the media release.
The sale of the Wellington shopping centre was negotiated by Darren Beehag of Burgess Rawson and brings to 10 the number of properties sold across the entire Sentinel portfolio, from the 51 the company has purchased since it was established in 2010.
Sentinel has a national portfolio of 41 retail, industrial, office, land, tourism infrastructure and agribusiness assets exceeding $1 billion. 
Sentinel Property Group has sold off the Jimboomba Junction Shopping Centre in Queensland’s Logan City for $27.48 million in an off-market deal, continuing with its recent divestment of assets.
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Sentinel divests from Coles-anchored shopping centre in NSW's Wellington for $3.6 million

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A Coles-anchored shopping centre at Narromine, near Dubbo in central New South Wales, has recently been snapped up by a private investor for $4.18 million.
The deal illustrates the appeal of performing neighbourhood-style shopping centres in regional locations with investors looking to reap gains from retail. 
Kierath’s Shopping Square at 76 Dandaloo Street features a 2,141 sqm Coles Supermarket on a long-term lease as well as a Liquorland, six specialty tenancies and an ATM.
The fully-leased property sits on a 5,143 sqm site in the commercial hub of Narromine, a 20-minute drive from Dubbo. 
The sale was through Sentinel Property Group, which acquired the shopping centre in 2015 as part of three regional NSW shopping centres in Bathurst, Narromine and Wellington purchased in one line from Charter Hall Retail REIT.
Sentinel managing director Warren Ebert said neighbourhood-style shopping centres in regional locations such as Narromine have been a focus of the company’s growth strategy in recent years.
“We identified this asset class at a time when it was unloved by others but it is now very much back in favour and attracting increased attention from investors,” he said.
“Half of our responsibility to our investors is to buy at the right time, and the other half is to sell at the right time. Given the market demand that is now chasing this style of shopping centre, we felt it was the opportune time to divest our Narromine asset for the benefit of our investors.”
The Narromine shopping centre was an asset of the open-ended pooled Sentinel Countrywide Retail Trust, which also owns shopping centres in Broken Hill, Dubbo, Bathust and Wellington in NSW and Atherton, Townsville and Emerald (x2) in QLD. Sentinel also owns retail assets throughout Australia through both pooled and stand-alone Trusts.
 The Narromine sale was Sentinel’s eighth sold property in the last two years. .
Established in 2010, Sentinel (<a href="https://www.sentinelpg.com.au/">www.sentinelpg.com.a</a>u.) is among Australia’s top unlisted commercial property fund managers, with a portfolio of 43 retail, industrial, office, land, tourism and agribusiness assets valued at more than $1 billion.
It has occupied the No. 1 spot on the PCA/IPD (Property Council of Australia/Investment Property Databank) Non-Core Property Fund Index 42 of the last 49 months.
The index, introduced in October 2011, is backed by the global equity indexes of Morgan Stanley Capital International (MSCI) and is based on total fund performance.
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Fund manager Sentinel divests from shopping centre in central NSW for $4.18 million

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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. 
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Coles Supermarket Gold Coast set for auction

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Clayton Coles in Melbourne's south east has sold for $17,115,000, record a new record yield of 2.57 percent.
The previous record was held by Woolworths Middle Brighton which sold for $32 million on a 3.8% yield, and more recently Dan Murphys, Alphington which sold for $22.5 million on a yield of 3.2% via CBRE’s Premium Property Portfolio Auction Platform.
CBRE agents Mark Wizel, Justin Dowers, Kevin Tong and Dylan Kilner negotiated the sale on behalf of the deceased estate, which had been owned by the same family for over 20 years.
It was a local private investor who beat out a host of high profile investors, Asian investors and developers.
Coles Clayton was the first Victorian supermarket offered to the market in 2018.
The property on the corner of Centre Road and Cooke Street has a freestanding, 2850 sqm supermarket which has been trading since 1998.
It was sold subject to an estimated net annual income of $440,552.
CBRE's Mark Wizel said whilst the vendors had every intention of taking the property to auction, the offer was compelling enough for the estate trustee to sell prior.
“Although there was over 15 years of tenure to Coles, the buyer took a longer term view on the opportunity of owning a prominent Commercial 1 Zoned allotment within Metropolitan Melbourne,’’ Mr Wizel said.
 
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Coles Clayton sells for new supermarket record yield

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Coles Earlwood in south-west Sydney has sold for $28.72 million, selling for well over its reserve by around $5.5 million.
The commercial property at <a href="https://www.commercialrealestate.com.au/property/5-13-clarke-street-earlwood-nsw-2206-2014306264" target="_blank">5-13 Clarke Street</a> was auctioned through Damien Cooley at Cooley Auctions.
There were 49 bids from 14 registered bidders.
Bidding started at $21 million and flew past the $23.1 million reserve.
The offering was a freestanding supermarket leased to Coles and BWS Liquor. 
The Coles spans 2,528 sqm and the BWS 147 sqm and they service over 25,000 people. It has a net income of $1.21 million.
It sits on a 3075 sqm corner parcel.
CBRE agent Dylan Kilner handled the marketing.
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Coles Earlwood sells for $28.72 million, smashing reserve by $5.5 million

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The Alderley Coles has been listed listed through Colliers International.
James Wilson and Stewart Gilchrist of Colliers are selling the Alderley site with a freestanding market-style Coles supermarket and Liquorland.
Offers close August 29 for the 1.25ha site, which is seven kilometres from the CBD and just 100m from Alderley railway station.
It is fully leased to Coles on a new 15-year net lease, with four 10 year options.
The offering includes a separately titled adjoining 641 sqm parcel.
“With the market starved of blue-chip investment opportunities, Coles Alderley meets every stringent investment criteria,” said James Wilson at Colliers International.
“Coles Alderley offers an absolute premium covenant with strong trading figures, a 15-year net lease with Coles paying all outgoings, a new building with substantial depreciation allowances, and a prime protected inner-city location that features exceptionally high barriers of entry,” he added.
Coles Alderley is the only supermarket in the affluent primary sector, "with an income higher than the Brisbane metro average.”
The supermarket opened in February 2017 after its design by Power Architects.
The full-line Coles supermarket comprises a lettable area of 4,410 square metres including Liquorland and 247 parking spaces.
Freestanding supermarket investments have become one of the tightest and most competitive markets among private investors, both onshore and offshore, with secure income streams and limited management requirements being key attractions, said Stewart Gilchrist, National Director, Retail Investment Services at Colliers International.
“In 2018 there have been only four freestanding supermarket transactions announced along the Eastern Seaboard, including Coles Sippy Downs and Coles Earlwood, demonstrating the rarity of these offerings.
"Campaigns of this calibre typically generate more than 150 enquiries, further highlighting the pent-up demand for high quality metro product such as Coles Alderley.”
The supermarket giant secured the site in 2012 after developers Alderley Square Pty Ltd went into receivership.
It has been using a controversial new policy to discourage people leaving cars in their parking lot when they catch public transport to work by charging customers $77 dollars if they stay in the parking lot a minute more than two hours.
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Coles tenanted Alderley property offering 

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A freestanding Coles Supermarket in the Yarrabilba master planned community has listed for sale.
Located in the Brisbane-Gold Coast growth corridor, it has been announced for sale via expressions of interest by JLL’s Jacob Swan and Sam Hatcher. 
Opened in late 2017, Coles Yarrabilba comprises a 3,532 sqm supermarket set across a 16,730 sqm site. 
The retail accommodation set across a  single level with 214 parking spaces.
It is under an initial 15 year net lease term with four 10-year options to Coles. 
JLL’s Jacob Swan said, “Investors are attracted to this style of convenience/non-discretionary retail asset... and as a result, over $340 million of supermarket retail assets transacted in 2018, the second highest year on record.” 
“We continue to see unsatisfied demand from investors for this style of product and as a result expect the sale of Coles Yarrabilba to be very competitive."
The Main Trade Area is forecast to increase from 21,600 residents in 2018 to 44,220 residents by 2031, reflecting a growth rate of 5.7% p.a, according to Location IQ.
 
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