Buy the Coles where Hobart’s rich list shops

The Coles supermarket in Sandy Bay, Tasmania, is expected to attract a hefty price.

Property buyers in Tasmania have clamoured for homes in prestigious Sandy Bay for years, and now those same investors can buy the suburb’s supermarket.

The Coles supermarket in the state’s most upmarket locale has been listed for sale, with buyers able to secure the prime retail offering just a few hundred metres from the Hobart waterfront.

Sandy Bay has consistently been Tasmania’s most expensive suburb in which to purchase a home in recent years and the supermarket is expected to be similarly sought after, with its lease to Coles potentially running through to 2038.

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The freestanding outlet recently underwent a $2.2 million upgrade and spans 2729sqm on a 4065sqm corner site with 100 on-site car parks.

Hobart Sandy Bay Coles supermarket

The supermarket enjoys a prime position in Hobart.

It currently returns net annual rent of $728,000, which will increase to $787,000 later this year.

Burgess Rawson director Raoul Holderhead, who is marketing the property with colleague Billy Holderhead and Knight Frank’s Matthew Wright, says the supermarket consistently delivers strong sales.

“This store is a super trader with sales consistently above sales threshold and growing at more than 5% average until (the) 2017 upgrade,” Holderhead says.

The supermarket is for sale via expressions of interest, which close on March 22.