Woolworths Hadfield sold for third time in two years

CBRE has sold the Woolworths Hadfield in Melbourne’s northern suburbs for $11.75 million.

It was the third time in two years the shopping centre has transacted. 

Located on a 5,600sqm site in Melbourne’s inner north, the freestanding Woolworths was first sold by CBRE in 2016 to St Albans-based plumber Emmanuel Zahra for $9.75 million.

Then in 2017, it was sold for $8.75 million, however, the contract was forfeited. 

The property was purchased recently by a Melbourne investor for $11.75 million – reflecting a yield of 3.5% and profit of $2 million since it last transacted. 

The property, which has a one-year lease remaining to Woolworths, marks the fourth freestanding supermarket sale nationally this year, and the second in Victoria. 

The sale follows the trend of low returns on supermarket investments, with recent transactions including Coles Clayton in VIC for $17.115 million (2.57% yield) and Coles Earlwood in NSW for $28.72 million (4.22% yield). The assets were purchased by a Melbourne and Asian investor respectively. 

Recent supermarket transactions undertaken by CBRE