Colliers International’s James Wilson and Alex James-Elliot are handling the sale of the asset, at 15B Chatham Road, West Ryde. It is expected to sell for around $23 million.
Coles West Ryde is a modern 3,975 sqm, strata-titled supermarket comprising a full-line Coles supermarket which is supported by a Liquorland store, with secure basement parking for approximately 300 vehicles easily accessed by lifts and travellators.
The Centre is located in the affluent Northern Suburbs of Metropolitan Sydney, strategically positioned between major employment hubs of Sydney CBD approximately 15 kilometres to the South East and 8.6 kilometres from Parramatta CBD to the West. The supermarket receives excellent exposure given its location on a virtual ‘island site’, benefitting from three street frontages, in addition to a large pedestrian retail plaza that links through to West Ryde Train Station and Bus Interchange some 400m away.
“Coles West Ryde presents exceptionally well, occupying a high profile and convenient position in West Ryde’s CBD. Coles Supermarket and Liquorland feature a market leading 12-year net lease structure which offers ease of management to a purchaser” said James Wilson, National Director, Retail Investment Services at Colliers International.
“The supermarkets income growth potential is set to benefit from the Main Trade Area’s affluent catchment with household income over 13% above the Australian average, whilst the non-discretionary expenditure is forecast to grow at 5% per annum to 2031”
Alex James-Elliot, Executive at Colliers International said, “Coles West Ryde is 100% leased to Coles Supermarkets Australia, providing a non-discretionary, defensive income stream for potential investors. The risk adjusted returns, when viewed through the currently low interest rate and return on cash environment, will prove attractive to domestic and offshore private investors seeking a secure long-term investment.”
The forthcoming sale of Coles West Ryde continues Coles capital recycling strategy which included the sales by Colliers International of Willowdale Shopping Centre in June 2019 for $34.8 million, Coles Mayfield Development Site in Newcastle for $8.9 million in September 2019.