CBRE has been appointed to sell a trophy retail asset worth more than $23 million in the inner Sydney suburb of Earlwood
CBRE’s Nick Willis has been appointed to sell Coles Earlwood - a freestanding Coles Supermarket with adjoining BWS liquor store located on a prominent 3,000sqm corner site.
Situated 650m from the Bardwell Park train station, the property benefits from an underlying zoning of B2 Local Centre, allowing development of up to 14 metres.
The property, which includes 86 car park spaces, is leased to Coles supermarket and an ancillary BWS liquor store.
Mr Willis said the opportunity to acquire a freestanding supermarket in inner Sydney would be strongly contested.
“Freestanding supermarkets of this nature, in metropolitan Sydney, are seldom offered to the market. Coles Earlwood marks one of the first freestanding supermarkets to be formally offered for sale in Sydney in almost three years,” Mr Willis said.
“This property provides the incoming purchaser an opportunity to acquire not only a secure and growing income stream but also the potential to unlock a future mixed use development.”
CBRE’s Justin Dowers said the sale came at a time of strong interest in supermarket assets.
“We have seen significant interest from national and international investors in these freestanding supermarket opportunities, they are however rarely available, especially in the metropolitan Sydney market.”
Earlier this year, CBRE transacted Coles Clayton in Melbourne for $17 million – reflecting a yield of 2.6%.
The property will be auctioned on May 17.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.