Colliers have sold a near-new freestanding full-line Coles Supermarket and Liquorland in one of Australia’s fastest growing regional hubs for $27.4 million on behalf of Coles Group Property Developments.
Opened in July 2020, Coles Toowoomba is supported by one specialty food and beverage retailer and attracted over 200 enquiries from both domestic and international investors, reflecting strong interest in the market leading net lease offered by Coles.
The centre was secured by a Victorian private investor that was attracted to the region based on both its economic and population growth.
James Wilson, Stewart Gilchrist and Dan Dwan of Colliers sold the property on behalf of Coles.
“Coles Toowoomba’s 200 campaign enquiries highlights the market depth for high-performing supermarket investments under the current conditions. Competitive bidding from predominantly local and interstate private investors resulted in the highest price ever paid for a Queensland non-metro supermarket investment reflecting the quality of the Coles net lease covenant,” Mr Wilson said.
‘The Coles Toowoomba campaign highlights the strong buyer depth for QLD supermarket investments which are highly sought due to their defensive characteristics. It was the first sale and lease back supermarket investment marketed in QLD since 2021, highlighting the pent-up demand for this asset class,” Mr Gilchrist added.
The 1.536-hectare site has recorded strong sales due to its strategic location in Toowoomba’s Western Growth Corridor, and convenient design which includes ‘on grade’ parking for 187 vehicles.
Toowoomba is the second most populous inland city in the nation and is a large commercial hub that provides education, employment and healthcare services to the region.
“The sale signifies the continued upwards trajectory of Toowoomba’s investment appeal. Local and interstate investment interest in the region remains strong given the underlying economic factors which provide a great deal of confidence and stability in the Toowoomba market. These factors coupled with the tight supply of stock has increased market competition, generating positive results,” Mr Dwan said.
With a GLA of 3,756sqm, the centre was delivered by Coles Group Property Developments and features high quality construction, offering exceptional depreciation benefits.