The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JUST 13 DAYS LEFT UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 13 DAYS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterWed 09 Nov 16

Coles Coburg Centre Sells On Record Yield

Coburg-North-Village_620x380

The newly developed Coburg North Village shopping centre recently sold for around $38 million on a fully leased record low yield of 4.94 per cent.

Coles Group Property Developments sold the property to a Melbourne-based private investor.

Savills Marketing agents Pat De Maria, Tom Forrest and Steven Lerche said the sale generated an unprecedented response with a record 300 enquiries and 27 offers to purchase from a range of privates (local and interstate), off-shore and institutional investors with 18 offers at a sub 6 per cent yield.

"In this case the limited availability of quality retail investments and the high level of demand resulted in offers totalling an extraordinary $860 million and a genuine record sub 5 per cent yield for a fully leased neighborhood centre,’’ Mr De Maria said.

Anchored by a flagship Coles Supermarket, on the corner of Gaffney and Sussex streets, the property is fully leased and comprises a 6,283 square metre GLA neighborhood centre on an 18,560 square metre site with four street frontages.

It was sold with a new 15 year lease to Coles and Liquorland and an estimated net income of $1.87 million per annum.

Mr Forrest said the astonishing market response was a reflection of the centres’ location including its demographic profile and growth potential, the fact that it was a brand new centre, and the strong lease profile with Coles Supermarket accounting for a major slice of the total income.

Located just over nine kilometres north of Melbourne the centre opened in August 2015 and offers a state of the art, flagship full-line market-style Coles Supermarket and Liquorland of 4,175 square metres.

The fully leased centre is further supported by 15 convenience based specialty retailers, including a medical centre and pharmacy, and provides sensor activated on-grade parking for 303 vehicles.

The centre also benefits from a large main trade area accommodating in excess of 46,100 residents which is forecast to grow to 52,050 or 12 per cent by 2026.

RetailAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
View All >
The entrance to 88 North Terrace Adelaide, the site of a new student tower at Holy Trinity Church
Student Housing

PBSA Highrise Greenlit for Adelaide Church Carpark

Renee McKeown
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
Lendlease 175 Liverpool Street EDM
Real Estate

Lendlease Reveals $2.5bn Twin Tower Play for New Sydney Site

Clare Burnett
The prolific but under pressure developer has acquired the prime site overlooking Hyde Park with DA approval in place…
LATEST
The entrance to 88 North Terrace Adelaide, the site of a new student tower at Holy Trinity Church
Student Housing

PBSA Highrise Greenlit for Adelaide Church Carpark

Renee McKeown
2 Min
GYG EDM
Exclusive

GYG Reveals Real Estate Tactics Behind 1000-Store Growth Plan

Clare Burnett
7 Min
Lendlease 175 Liverpool Street EDM
Real Estate

Lendlease Reveals $2.5bn Twin Tower Play for New Sydney Site

Clare Burnett
3 Min
Social housing in Melbourne, Victoria, where HAFFF Round Two will deliver 5001 social homes.
Affordable & Social Housing

Social Housing Projects Across Nation Win HAFFF Funds

Marisa Wikramanayake
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/coles-coburg-centre-sells-record-yield