Kedron Coles breaks Queensland price record

The Coles at Kedron in Brisbane’s northern suburbs is now officially most expensive standalone supermarket ever purchased in Queensland.

A Melbourne investor paid $34.24 million for the property, smashing the previous record of $30.25 million, which was set by Coles Pacific Pines in July 2017.

Last year’s Coles Alderley sale of $30.2 million now occupies third spot.

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While the Kedron sale was initially agreed late last year, it only settled in recent weeks.

Developed by Coles and opened in late 2017, the 4092sqm complex has three retail tenancies, with the 3915sqm supermarket and Liquorland store occupying the majority of the site, while a Coles Express service station and a cafe make up the rest.

A Coles Express service station sits at the back of the supermarket.

The property is underpinned by a 15-year lease to Coles.

Savills’ Peter Tyson, Ben Parkinson and Steven Lerche brokered the deal, with Tyson saying the supermarket’s location away from local shopping centres had made it popular among potential investors.

“The supermarket’s high-exposure location on the outbound side of Gympie Rd, within 7km north of the CBD, was a valuable drawcard” he says,

“Coles Kedron’s highly convenient freestanding design differentiates it from larger, less convenient surrounding shopping centres, ensuring it will remain attractive to shoppers in the long term.”

Coles previously bought and consolidated the site over a long period of time before developing it.