Coles sells Amaroo Village Shopping in ACT for $29.5 million

Coles has sold their neighbourhood shopping centre, Coles Amaroo Village in Canberra.

Located in the northern suburbs of Canberra, the property was sold for $29.5 million on a net yield of 6.25 per cent (fully leased).

80% of the gross floor area in the centre is secured to Coles and Liquorland on a brand-new long-term lease.

There are also eight specialty shops including a pharmacy, real estate agency, barber, Indian Grocer and various food offerings. 

The 4,594 sqm GLA centre was sold by Steven Lerche and Nic Purdue of Savills Australia and Philip Gartland of Stonebridge.

Savills Australia National Director of Retail Investments, Steven Lerche said “Amaroo Village is an outstanding convenience and non-discretionary retail hub, ideally located within the town centre. Collectively, we received over 230 enquiries and multiple bids, with the successful buyer being interstate." 

“The yield of 6.25% is consistent with other similar strata transactions around the country, confirming that the market for well leased convenience based retail property remains firmly on the investor radar” he said.   

“With interest rates continuing to drop, commercial property investment in Australia will remain attractive to both local and off shore capital. Investor demand will remain strong and property prices will hold firm” he said.

Savills Australia will be managing the shopping centre.