Coles Group acquires $13.3 million Rochedale Town Centre

Coles Group Property Developments has acquired the Rochedale Town Centre in Brisbane's Rochedale for $13.25 million.

The 85,000 square metre centre, which comprises a 50,000 square metre retail site and commercial component of 35,000 square metres, fronts Miles Platting and Gardner Roads and is owned by Watpac Developments Pty Ltd.

As part of the transaction, Coles Group will fully service the 85,000 square metre parcel of land and ‘hand back’ the 35,000 square metre commercial parcel to Watpac Developments for $1 plus the infrastructure requirement to effect land subdivision.

Stage one of the site has approval for a retail centre with a circa  3,500 square metre supermarket, a 1,650 square metre second supermarket/mini major, about 2,000 square metres of speciality floor area and at-grade and basement parking for about 506 vehicles.

The sale was negotiated by Jacob Swan and Sam Hatcher of Jones Lang LaSalle Queensland.