Coles Croydon North, a fully leased neighbourhood shopping centre in Melbourne’s eastern suburbs, has been put up for sale.
Located at 401-415 Maroondah Highway, Croydon North, the centre comprises 3092sqm of gross lettable area across a 7707sqm commercial 1 zoned landholding.
Anchored by a Coles supermarket with a recent five-year renewal and complemented by 11 predominantly non-discretionary specialty retailers, the centre generates an estimated passing net income of approximately $956,710 per annum, of which approximately 74 per cent is from non-discretionary retail expenditure.
Coles occupies 67 per cent of the gross lettable area under a lease expiring in 2031 with options extending through to 2051.
The property also benefits from Commercial 1 Zoning, offering flexibility for future repositioning or redevelopment.
Positioned on Maroondah Highway with more than 217 metres of triple street frontage and exposure to over 48,000 vehicles each day, the centre is strategically located within a trade area of more than 118,000 residents.
Colliers Retail Middle Markets national director Tim McIntosh and executive Will Heffernan are exclusively appointed to manage the sales campaign.
“Investors are increasingly pursuing assets secured by leading ASX-listed retailers with short-term opportunities for rental growth,” said McIntosh.
“Coles Croydon North combines both. It’s anchored by one of Australia’s leading supermarket operators, complemented by a diverse specialty mix and offering genuine upside through short-term rental reversion.”
The expressions of interest campaign for Coles Croydon North will close on August 27.
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