The Coles Varsity Lakes Shopping Centre has been sold for more than $37 million in an off-market transaction.
The transaction, which closed at a 4.75 per cent yield, was finalised before the property reached practical completion.
Joe and Michael Hedger of CBRE negotiated the direct sale. The purchaser was identified through CBRE’s existing buyer network following a previous property divestment.
Anchored by a 3382sqm Coles supermarket under a new 10-year lease, the 3592-sqm centre is located at 1 Bellvue Drive, Varsity Lakes.
“This result is particularly noteworthy given the asset’s price point, with investor demand for secure income streams proving resilient even as deal sizes increase,” said Hedger.
CBRE has recently brought four similar assets to the market across Queensland, NSW and WA to meet current buyer demand.
“The strength of demand we’ve seen through the Coles Varsity Lakes transaction is directly reflective of broader investor sentiment toward freestanding supermarket assets,” said Tynan.
“This remains one of the most sought-after sectors of the investment market, underpinned by nondiscretionary income, long-dated leases and strong tenant covenants.”
- Further reading: Supermarket-anchored centre portfolio listed for sale.
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