Woolworths Umina Beach on the NSW Central Coast has sold to a private Sydney investor for $24.5 million.
Following a highly competitive campaign with more than 230 enquiries, the centre sold at a yield of 5.14%, indicative of the continued strength of the commercial property sector and demand for high quality non-metro supermarkets.
The Colliers team of James Wilson and Ben Wilkinson exclusively sold the centre, which comes with a 6.64-year WALE and 4,451m2 site area.
“The highly competitive campaign attracted over 230 enquiries, resulting in formal offers from a strong mix of NSW, interstate and offshore private investors, before being ultimately secured by a High Net Worth Sydney-based Private Investor,” Wilson said.
“The purchaser recognised the long-term security of the asset and future growth of Woolworths within the tightly held Umina catchment,” Wilkinson added.
Featuring a rare 18-year lease with attractive 10-year option periods, the Woolworths was developed by Fabcot, Woolworths Group’s development arm, and commenced trading in 2011.
“The team achieved this exceptional result by targeting the resilient private investor market, engaging existing and first-time investors, while utilising underbidders from our national marketing campaigns,” Wilson said.
The centre offers convenient access for both residents and tourists, with 118 basement car parking spaces and ample adjacent council car parking. Woolworths Umina Beach stands as the largest freestanding supermarket offering in the catchment.
The centre is located 11 kilometres southwest of Gosford and less than 90 kilometres north of Sydney CBD.
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