Stonebridge Property Group are pleased to announce the sale of Coles Westmead to a private investor for $21.0 million, on behalf of Coles Group. The sale price reflects a passing yield of
Coles Westmead is a modern neighbourhood retail centre, located 25 kilometres west of the Sydney CBD and 3 kilometres from Parramatta CBD.
The 4,616sqm stratum title centre was constructed in 2012 and is anchored by a full-line Coles Supermarket and Liquorland and complemented by 6 service and non-discretionary food retailers. The Centre features a long 13.4 year WALE (by area), underpinned by a new 15 year lease to Coles.
Stonebridge Director Philip Gartland with sales agent William Blanch negotiated the off-market sale.
Stonebridge Director Philip Gartland said: “With close to 80 percent of the gross rent coming from Coles and the remainder of the tenants being predominantly non-discretionary, the market received this property extremely well, with the off-market process taking only a few weeks to complete.”
Sales Agent William Blanch said: “Over $3 billion has been dedicated to the expansion of Westmead’s health precinct and plans for Westmead Metro Station and Sydney West Light Rail are underway.”
“Being within one of Australia’s largest health and service precincts – currently accommodating over 18,000 workers and projected to grow by an additional 11,000 by 2036 – Coles Westmead will continue to benefit from the rapid growth in the catchment.”
For more information, please contact the Sales Agents Philip Gartland on +61 403 582 324 or William Blanch on +61 400 099 966.