Coles lists Caringbah store with DA plans for apartment complex
Coles has revealed bold plans to convert its Caringbah store in the Sutherland Shire into a mixed use development site.
The supermarket giant has put the Willarong Rd property on the market with DA plans for 120 apartments and several stores. The plans also include a 4073sqm supermarket leased by Coles and a Liquorland.
The mixed-use site has been owned by Coles Group Property Developments for the past decade, with CoreLogic reporting it last traded for $11.5 million.
Listed with CBRE’s James Douglas and Ben Wicks, developers are tipped to circle the high profile site due to ongoing investor interest in non-discretionary and supermarket-anchored retail assets.
Mr Douglas said significant interest was anticipated from both traditional retail and mixed-use development investors, with a wave of capital targeting non-discretionary and supermarket anchored retail assets.
“Rarely are full line supermarket development opportunities, with a complementary residential component, offered to the market in metropolitan Sydney, with this particular site also benefiting from a planning approved development scheme and a lease commitment from leading ASX listed supermarket operator Coles Group Ltd,” Mr Douglas said.
The 120 apartments will be made up of one, two and three-bedroom apartments. The approved apartment scheme will offer expansive district and Port Hacking water views.
The 6453sqm Coles site benefits from a high-profile location in the tightly held and is located only 300 metres west of the Caringbah train station.
Mr Wicks said the site was also well placed to tap into strong residential demand for the Sutherland Shire off the back of Covid-19 driving more people to coastal suburbs.
“The residential market in the Sutherland Shire has experience significant growth in value over the past six to 12 months, primarily driven by increased demand, reduced supply, historically low interest rates and the availability of finance,” he said.