Coles Clayton sells on jaw-dropping yield
A supermarket in suburban Melbourne has changed hands for an eye-watering 2.57% yield as retail assets continue to draw buyers, defying worries over the sector.
A private investor snapped up Coles Clayton in the city’s southeast for $17.115 million, bought from a deceased estate after the property had been owned by the same family for more than two decades.
The buyer has several other assets nearby and beat out two other bidders who also made offers on a yield below 5%.
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CBRE’s Mark Wizel, Justin Dowers, Kevin Tong and Dylan Kilner brokered the sale.
“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,” Wizel says.
Coles Clayton was sold as part of a deceased estate.
Meanwhile, a private interstate investor bought a Coles supermarket and First Choice Liquor store in Perth suburb Parkwood for $31.95 million from Coles Group Property Developments.
The asset traded on a 5.29% net yield and the deal was handled by Savills Australia’s Chris Ireland, Chas Moore, Barney Dear, Steven Lerche and Pat de Maria.
Elsewhere, on Sydney’s north shore, neighbourhood shopping centre Thornleigh Marketplace is for sale with expectations above $40 million through Colliers International’s Lachlan MacGillivray, James Wilson and Alex James-Elliott.
This article originally appeared on www.theaustralian.com.au/property.
