Written by The Australian Jewish News
Burgess Rawson is currently marketing a Coles supermarket investment in the New South Wales regional centre of Moss Vale. The property is being offered for sale by Expressions of Interest closing in Melbourne and Sydney on Friday 11 December at 4pm.
Melbourne director Graeme Watson is overseeing the sale along with Darren Beehag from Burgess Rawson’s Sydney office.
The modern, freestanding store has been extensively refurnished and upgraded on the back of an extension of the original lease term, which now runs from 2002 through to 2025 with further options available.
Located at 13-19 Kirkham Street, off the Illawarra Highway, the site is within the centre of the city in the Southern Highlands region between Canberra and Sydney. The building is some 2500 square metres with 108 car parking spaces on-title. The site itself is approximately 7199 square metres and the current net annual rent is estimated to be $556,000 inclusive of percentage rent. The agents report that it is showing strong trading performance with sales growth year on year of close to 8 per cent on average and double digit growth in recent years.
“Supermarket investments are currently one of the most keenly sought after sectors in the marketplace, due to their recession-proof and non-discretionary characteristics,” Watson said.
The agency recently sold a Woolworths supermarket at auction for $19.5 million on a yield of 5.61 per cent. The agents expect strong interest from domestic and overseas buyers once again and are quoting $9.5 million plus for the Moss Vale site.