Yarrabilba to join growing list of Coles sales

Coles Yarrabilba is being sold for around $20 million.

Coles is capitalising on strong demand for shopping centres, adding a Queensland complex to its roster of sales that have seen it reap close to $100 million in recent months.

In the latest move, it will offload a freestanding Coles store in the Yarrabilba masterplanned community in the heart of the Brisbane/Gold Coast growth corridor for more than $20 million.

Opened in 2017, Coles Yarrabilba will be sold by JLL’s Jacob Swan and Sam Hatcher. The supermarket group developed the single-level centre that spans 3532sqm on a 16,730sqm site.

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Other sales have been struck at tight levels. A Shanghai investor picked up the Coles Aurora Village shopping centre in the Melbourne suburb of Epping for $44.5 million last December.

The complex, which sits on a 2.32ha block, has Coles and Aldi supermarkets, includes 16 specialty stores, a Coles Express service station and a carpark for 305 vehicles.

The property sold on a 5.6% yield in a deal brokered by CBRE. Coles offloaded three retail assets in WA earlier this year for more than $45 million via CBRE at similarly tight yields. It sold three regional properties, Coles Orana and Coles Vasse, and the Coles Express Vasse service station.

Coles Vasse was bought by a Chinese family for $19.6 million on a yield of 5.67% while Coles Express Vasse went to a Victorian-based doctor for $2.72 million, showing a yield of 6.22%.

This article originally appeared on www.theaustralian.com.au/property.