Manly Corso Landmark Retail Investment Offered for Sale for the First Time in 40 Years

The iconic Coles Manly Corso will be brought to market next week for the first time in approximately 40 years. The landmark retail investment is anchored by Coles supermarket, NAB and the Commonwealth of Australia. Stonebridge Property Group’s Philip Gartland, Alex James-Elliott, and Spero Xenos have been exclusively appointed to manage the sale via an Expressions of Interest campaign, which is set to close on Thursday, 29 May 2025 at 4:00 PM (AEST).

Perfectly positioned in the heart of Manly’s CBD, one of Australia’s most renowned tourist and lifestyle destinations attracting over 1.8 million visitors annually¹, Coles Manly Corso boasts a prime 45-metre frontage along the Corso. Only 200 metres from Manly Wharf, the property enjoys direct connection to Sydney’s CBD and is recognised as one of the primary gateways to Sydney’s Northern Beaches.

Comprising 2,464 sqm of lettable area and basement parking for eight vehicles, the asset is anchored by ASX-listed Coles Group on a 10-year lease plus options to 2042. Together, ASX-listed Coles, NAB and the Commonwealth of Australia contribute 95% of the gross income, underpinned by strong rental growth mechanisms across all leases. The property is 100% occupied and offers a long WALE of 6.7 years by area, reinforcing its excellent income security.

Philip Gartland commented, “Coles Manly Corso represents a generational opportunity to acquire a fortress retail investment in one of Sydney’s most tightly held and iconic retail strips. With 95% of the income secured by blue-chip national tenants, Coles, NAB and the Commonwealth of Australia, and unrivalled exposure along the Corso, this is a truly irreplaceable investment.”

Alex James-Elliot added, “The lease to Coles is rare and highly landlord-favourable, with a three-year market review clause featuring a ratchet mechanism, and a separate specialty tenancy on 4% fixed annual increases plus market reviews every four years. These lease terms provide both immediate income and long-term rental upside.”

Manly’s premium demographics further underpin the asset’s strength, with average retail spending per capita 51%above the Greater Sydney average², and the Sydney CBD only 11 kilometres south and accessible via a 20-minute ferry ride from Manly Wharf.

With its unmatched location, dominant street presence, exceptional covenant strength, and income certainty, Coles Manly Corso is expected to attract strong interest from private capital, institutional investors and offshore groups seeking a flagship foothold in one of Sydney’s most celebrated high-growth retail markets.

For further information, please contact Stonebridge Property Group.

Figures are an approximate only
¹ Manly visitor profile, year-ending Dec-23
² Location iQ