Stonebridge Property Group is pleased to announce the sale of 1144-1154 Mount Alexander Road & 19 Winifred Street (Coles) Essendon. The sale represents one of Melbourne’s largest suburban site transactions in 2024 YTD and a sharp yield for the existing income.

The Property comprises a freestanding Coles supermarket, 7-Eleven service station, specialty shop and vacant office/medical building spread over a 7,370 sqm Commercial 1 zoned landholding. Situated in the North Essendon Activity Centre as identified by Victoria’s Housing Statement, the site is approximately 8.5 km* north of the Melbourne CBD and is expected to benefit from superior planning outcomes and development potential.

The transaction was brokered by Julian White, Justin Dowers and Chao Zhang from Stonebridge Property Group.

Julian White commented, “Given the scale of landholding and development potential, as well as existing income and lease tenure, this campaign attracted a broad range of buyers including developers and landbank investors. The expressions of interest campaign generated strong interest, resulting in multiple unconditional offers.”

 

Justin Dowers commented, “Land rich supermarket anchored properties are hotly contested as they benefit from both strong and secure income alongside future development potential. The site is extremely well positioned and will benefit from continued population growth in the area especially with it being identified as an activity centre.