Coles Ulladulla Offered to Market for the First Time Since Development

Stonebridge Retail Investments has launched Coles Ulladulla to market for the first time since its development, offering investors a rare, fully leased Coles-anchored neighbourhood shopping centre in the heart of Ulladulla, the largest tourist destination in the Shoalhaven region of the NSW South Coast.

The launch comes as neighbourhood shopping centre investment reaches its highest level in more than a decade. Stonebridge’s latest Neighbourhood Centre National Update found national transaction volumes hit a record $2.8 billion in FY26, with average yields compressing 49 basis points to 5.98%, yet only 32% of transactions were completed through public sale campaigns. Held since development, Coles Ulladulla is a generational holding with high barriers to entry.

Located at 9 Boree Street, the centre is anchored by a recently refurbished Coles supermarket trading approximately 24% above the Urbis benchmark, which has just added a new Click & Collect facility. Liquorland and five non-discretionary specialty tenancies complete the 100% leased tenancy mix.

Coles Group covenants secure approximately 88% of the centre’s income, with Coles leased to March 2033 plus options to 2063. Both Coles and Liquorland are generating turnover rent, while specialty tenancies deliver average annual rent reviews of 4.1%, combining income security with built-in growth.

The centre occupies a 5,501 sqm landholding with dual street frontage to Boree Street and St Vincent Street, directly opposite the town’s primary council car park. It is the only full-line Coles within approximately 50 kilometres, serving a main trade area of 23,809 residents that generates $487.4 million in annual retail spending, forecast by LocationIQ to grow 4.1% per annum to 2046.

Tourism adds further depth to the trade area. The Shoalhaven is the most visited local government area in NSW outside Sydney, and the South Coast region welcomed 10.4 million visitors in the year to March 2026, according to Destination NSW.

Stonebridge Director Alex James-Elliott said: “It’s rare to find an asset that offers the security and defensive qualities of a supermarket with the income growth of a neighbourhood shopping centre, and Coles Ulladulla delivers both.

“Offered for the first time since development, this is a genuine generational opportunity to secure a Coles-anchored centre with turnover rent already flowing, in a trade area that would be very difficult to replicate.”

With long-term Coles Group income, embedded rental growth and a dominant regional position, Coles Ulladulla is expected to attract strong interest from private investors, family offices and syndicates seeking exposure to one of the most sought-after segments of the retail investment market.

Coles Ulladulla is offered for sale via Expressions of Interest closing at 3:00pm (AEDT) on Thursday, 29 October 2026.

The campaign adds to a strong run for Stonebridge Retail Investments in the sector, having advised on close to $1 billion of neighbourhood shopping centre transactions in FY26, more than any other agency*. Nationally, Stonebridge Property Group transacts more than $3 billion in retail assets each year across every format, from neighbourhood, sub-regional and regional shopping centres to large format retail and convenience retail, supported by a dedicated capital markets capability across Asia Pacific, reinforcing its position as Australia’s leading retail investments team.

*Based on Stonebridge Research analysis of publicly reported and Stonebridge-advised FY26 neighbourhood shopping centre transactions. Where more than one agency advised on a transaction, each is credited.