Western Sydney Coles Sells for $21m

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
approximately 6.49%.

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.

Latest news

September 2020
Stonebridge to merge with new Melbourne agency
Leading Sydney based commercial real estate group, Stonebridge Property Group, will open a Melbourne office this month, following a merger with a group of Melbourne’s...
Read More
June 2020
Iconic neighbourhood centre sells for $47 million
Shopping centre in Newcastle transacts for $47 million as demand for neighbourhood centres hold firm Stonebridge Property Group’s Philip Gartland in conjunction with JLL’s Nick...
Read More
January 2020
Sold for $68 million – St Marys Village, NSW
Stonebridge Property Group, in conjunction with McVay Real Estate, is pleased to announce the sale of St Marys Village for $68 million. St Marys Village...
Read More
September 2019
The US shows there’s an upside to current retail shifts
There has been much gloom about Australia bricks and mortar retail recently, from the demise of the department and discount department store, to the closure of...
Read More
March 2020
Sold: $46 million Benchmark Result For Sydney LFR Centre
Altis Property Partners have sold 300 Parramatta Road in Auburn, a convenience-based, large format retail centre for $46 million, for a NSW record fully leased...
Read More