Coles sells north west Sydney shopping centre
Coles has sold the Schofields Village shopping centre, in Sydney’s outer north west, for $53 million.
The deal for the two year old complex, anchored to the supermarket with 14 specialty stores, a medical centre and childcare complex – all up with 5743 square metres – reflects a 5.54 per cent net passing yield.
Up to $8.9m is depreciable for the incoming owner in the first year.
The Weighted Average Lease Expiry is 9.2 years, with Coles able to stay, with options, until 2083.
The asset also has development upside – on 1.68 hectares able to accommodate c59,000 sqm of gross floor area.
Schofields is about 45 kilometres from the CBD.
Schofields Village
JLL’s Nick Willis, Sam Hatcher, Sebastian Fahey and David Mahood marketed Schofields Village; the buyer is believed to be Wealth Property Group’s Tony Tran (story continues below).
More than 90pc of the asset’s income is also derived from non-discretionary tenants, they said.
The area is also set to benefit from some 12,000 sqm of predominantly residential development, they added.
Their deal comes a week since we reported Coles sold Adelaide’s Hampstead Hotel, which includes a large standalone bottle shop, to fund manager Westbridge for $15.1m.
In March, meanwhile, it divested the four year old Ormeau Village, on the Gold Coast, while in February, it banked $33.5m for a Victor Harbour asset, in South Australia.
The supermarket operator has been an active purchaser, including earlier this year, when it outlaid $95m for a property it occupied, and neighbouring shops, in Melbourne’s Balaclava.
Also today we are reporting Woolworths divested three neighbourhood shopping centres – in Queensland and Victoria.
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