Rare opportunity in Pacific Pines site
A COLES supermarket opened late last year in Pacific Pines is expected to garner plenty of interest when it goes under the hammer next month.
The supermarket chain bought the 10,150sq m site, bounded by Norris St, Pitcairn Way and Binstead Way, for $4.1 million in 2013.
A 3717sq m supermarket, including bakery and butcher and 150sq m Liquorland outlet, opened in November.
The supermarket has a 15year lease with four 10-year options running to 2072.
Construction of the Pacific Pines store was part of $70 million the Wesfarmers-owned Coles invested in the Gold Coast between 2013 and 2016.
Savills Australia director Peter Tyson, who is marketing the Pacific Pines property with Steven Lerche and Pat De Maria, said it was a highly attractive asset for investors.
“Long-term net leases such as this are extremely rare in the marketplace,” he said.
“The offering is enhanced by the net lease structure whereby Coles is responsible for all operating expenses.”
Ms De Maria said recent sales of freestanding supermarkets resulted in yields between 3.77 and 5.27 per cent.
The auction will be at Sheraton Grand Mirage Resort in Main Beach at noon on July 20.