Three Coles retail assets are being offered for sale by CBRE in Western Australia's south-west - Coles Orana, Albany and Coles Vasse, Vasse, along with the Coles Express Vasse petrol station.
Three Coles retail assets, representing a $50 million investment opportunity in Western Australia's rapidly growing south-west region are being offered for sale by CBRE.
The three properties offered for sale in-one-line or individually, includes two freestanding supermarkets - Coles Orana Albany, and Coles Vasse, along with the Coles Express Vasse petrol station.
Recently built, the supermarkets are being offered with new 15-year leases to Coles, with a net lease structure providing security and no income erosion. Coles Express Vasse is being offered with a 10-year lease.
Richard Cash, Anthony Del Borrello and Kevin Tong of CBRE, have been appointed to market the portfolio on behalf of Coles via an International Expressions of Interest campaign.
Mr Cash told WILLIAMS MEDIA the strong tenant covenant and location of the assets would underpin buyer interest.
“With the south-west being WA’s fastest growing region and among Australia’s top five over the past 10 years, the opportunity to acquire a substantial retail footprint in the area backed by a major national retailer will be strongly sought after,” Mr Cash said.
Both located in WA's south-west, Vasse and Albany offer prosperous trade areas, with Albany being the agricultural and historical hub of WA, and Vasse offering a new master-planned estate at the gateway to the Margaret River wine region.
“These properties are ideally positioned to benefit from not only the high level of traffic through the state’s number one tourism region but the infrastructure investment currently underway. Projects that will have a positive flow-on effect to retail trade in the region include the $70 million Busselton/Margaret River Airport Redevelopment, which will make way for domestic and international flights by 2019," Mr Cash continued.
“Additional public infrastructure investment of approximately $30 million into the Albany Waves Project and upgrades to Albany Highway will continue to grow and expand the Albany region.”
Located in Albany, Coles Orana is a full-line supermarket spanning 4,226 sqm and includes a Liquorland store. Positioned on Albany Highway, the store is exposed to over 20,000 vehicles daily and is underpinned by a 2.9ha landholding and offers future development potential with DA approval for 658sqm of specialty retail.
Coles Vasse, situated at the gateway to the south-west tourist region, is a 3,754sqm supermarket strategically located at the Margaret River/Dunsborough turnoff intersection.
It also includes a Liquorland and at-grade parking for 185 vehicles. Neighbouring Coles Vasse is Coles Express Vasse – a brand new, modern petrol station site with a 142sqm convenience store on a 2,111sqm site.
CBRE’s Mr Del Borrello says the sale campaign will ignite strong buyer interest from a range of groups.
“With the WA economy rebounding quicker than anticipated, now is the ideal time to buy into the market and we expect the increased investment interest in the state to continue. These market conditions, combined with the compelling investment fundamentals of these properties, are expected to ignite interest from local WA investors, national groups and offshore parties – particularly from Asia,” Mr Del Borrello said.
“Brand new freestanding supermarkets of this nature, with long-term leases, are considered generational investments – typically held for more than 30 years,” he added.
EOI's close on Thursday, 18 October.
For more information about this property, contact one of the listing agents via the contact details below.
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