Coles Clayton sells for new supermarket record yield

Coles Clayton sells for new supermarket record yield
Coles Clayton sells for new supermarket record yield

Clayton Coles in Melbourne's south east has sold for $17,115,000, record a new record yield of 2.57 percent.

The previous record was held by Woolworths Middle Brighton which sold for $32 million on a 3.8% yield, and more recently Dan Murphys, Alphington which sold for $22.5 million on a yield of 3.2% via CBRE’s Premium Property Portfolio Auction Platform.

CBRE agents Mark Wizel, Justin Dowers, Kevin Tong and Dylan Kilner negotiated the sale on behalf of the deceased estate, which had been owned by the same family for over 20 years.

It was a local private investor who beat out a host of high profile investors, Asian investors and developers.

Coles Clayton was the first Victorian supermarket offered to the market in 2018.

The property on the corner of Centre Road and Cooke Street has a freestanding, 2850 sqm supermarket which has been trading since 1998.

It was sold subject to an estimated net annual income of $440,552.

CBRE's Mark Wizel said whilst the vendors had every intention of taking the property to auction, the offer was compelling enough for the estate trustee to sell prior.

“Although there was over 15 years of tenure to Coles, the buyer took a longer term view on the opportunity of owning a prominent Commercial 1 Zoned allotment within metropolitan Melbourne,’’ Mr Wizel said.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Coles Supermarkets

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