Southern Highlands Aldi fetches $12.35m
A five year old Aldi in central Moss Vale sold between private investors last week.
The $12.35 million result for 6 Robertson Road reflects a 5.09 per cent net passing yield.
On a 6093 square metre Mixed Use 1 zoned block also fronting the Illawarra Highway and Argyle Street (Moss Vale Road), the retailer is on an initial lease expiring in nine years.
Rent rises are linked to CPI but capped at four per cent.
With options, Aldi can stay until 2034.
Stonebridge’s Michael Collins, Kevin Tong and Alex James-Elliott were the agents.
Trophy tenant
Fourteen offers came in for 6 Robertson Rd following a private sale campaign launched in August (story continues below).
“High net worth private groups continue to follow ‘household name’ brands and secure tenant covenants, irrespective of location, and are happy to ‘play’ in strong regional economies, hubs and tourist spots,” Mr Collins said.
Mr Tong added “in the face of well publicised economic headwinds, the circa five per cent yield achieved is a testament to the resilience of premium commercial property assets, driven by the scarcity of blue chip offerings available for sale and represents an effective hedge against inflation”
The deal comes three weeks since the same agents sold an Asia based investor, in their maiden Australian deal, bought a Coles backed supermarket in Melbourne’s east Monbulk for $14.5m, demonstrating a 4.45pc yield.
In September, meanwhile, Coles outlaid $17.2m – a 2.7pc return – for a supermarket it rented for decades at Hampton, again in the Victorian capital.
Also reflecting a building rate of $10,437 per sqm, Stonebridge brokered that sale too.
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