Coles Continues Supermarket Sell-off
Coles has sold a neighbourhood retail centre in Boronia anchored by a Coles supermarket and Kmart for around $35 million.
The 10,000sqm centre within the Boronia Mall was recently upgraded and has a new 12-year lease to Coles, while Kmart’s lease ends in 2025, for a combined return of $2.05 million pa.
Recently spun out of parent company Wesfarmers, Coles has been selling off its supermarkets and retail assets in leaseback deals across the country through its development arm. Combined divestments over the past two years now total more than $300 million.
Private Investor Picks Up Growth Suburb Shopping Centre Development Site
Charter Hall and joint venture partner ID_Land have sold a 2.2ha development site in Truganina to a Melbourne-based investor for $9.6 million, with a permit for the 7,390sqm neighbourhood shopping centre and a 15-year lease pre-commitment from Coles.
The Coles and a Liquorland outlet would take up 4,000sqm, and the plans also include 20 specialty stores. Truganina Central Shopping Centre will serve Charter Hall and ID_Land’s masterplanned Elements community.
Blue Chip Trophy Investment in Major Activity Centre
A land-rich retail site in Melbourne’s western growth corridor, anchored by Tabcorp, VicRoads and Godfreys, has hit the market with interest expected from local and offshore parties.
Fitzroys Chris James, Michael Donovan and Ervin Niyaz are managing the Expressions of Interest campaign for 54-64 Old Geelong Road, Hoppers Crossing closing Tuesday, December 10th.
Strategically positioned in the heart of a Major Activity Centre, and adjoining Hoppers Crossing Shopping Centre and Hoppers Crossing Railway Station, the site has a 2,220sqm showroom and commercial building, next to 7,172sqm of common area car parking.
The diversified, high-profile tenancy list includes Government, national and public company tenants, and returns $687,000 net per annum.
Wyndham Municipality is expected to benefit from enormous population growth of 81% by 2041, according to the Australian Bureau of Statistics.
Charter Hall Buys Viridian Glass HQ
Charter Hall Prime Industrial Fund bought the 20.02ha Viridian Glass headquarters and manufacturing facility site in Dandenong South from Crescent Capital Partners for $100 million.
Viridian has occupied at 51-95 Greens Road since the 1960s. The property has 77,124sqm of manufacturing, warehousing and office space, including a $250 million float-glass tank, and 4.1ha of expansion land.
Crescent Capital Partners took over Viridian last year, and Viridian will lease the property for 8 years as part of a sale and leaseback agreement.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.