Stonebridge Property Group has been appointed to sell a brand-new Coles supermarket ‘off the plan’, as the owner seeks to take advantage of the strong demand for essential service retail investments.
Diversified Developer Thirdi Group and partner, Phoenix Property Investors, are close to commencing the premium mixed-use development which will comprise a Coles Supermarket and over 60 residential units. The next-generation supermarket, which will be secured by a new 15-year lease to Coles, will be sold subject to completion and is expected to fetch over $50 million in what is one of the largest supermarket offerings on record.
With over 50 years trading history on the site, Coles Group sold the DA approved property with the benefit of an AFL to Coles in 2020. With supermarket yields compressing over 100 basis points in the past 12 months, the developer has decided to take advantage of a significant demand/supply imbalance.
Carl Molony of Stonebridge said “As far as supermarket investments go, this is one of the most outstanding assets in Sydney, and indeed, Australia. Coles Lindfield is a prized asset due to its high exposure to the Pacific Highway, parking provision for 237 cars and top tier demographic profile. Coles has committed to a rare 15-year net lease and is expected to trade exceptionally well”.
Justin Dowers said “The demand for quality convenience assets is at unprecedented levels and rarely do assets of this scale and quality become available. Coles Lindfield is a fortress investment – it occupies a dominant trading position, has strong income growth and depreciation potential”.
Coles Lindfield is for sale by Expressions of Interest closing 9th November 2021.
