The Coles supermarket that anchors the strata titled Lalor Plaza neighbourhood shopping has been sold at auction for $7.38 million, with a domestic investor with Hong Kong heritage outbidding two local underbidders.

The CBRE Retail Investments team of Justin Dowers, Rorey James, Kevin Tong and Joseph Du Rieu managed the sale campaign of the property, which occupies 40 per cent. of the Lalor Plaza Neighbourhood Shopping centre.

At a glance: 

• The Coles supermarket that anchors the strata titled Lalor Plaza neighbourhood shopping has been sold for $7.38 million to a domestic investor with Hong Kong heritage. 
• The CBRE Retail Investments team of Justin Dowers, Rorey James, Kevin Tong and Joseph Du Rieu managed the sale campaign of the property.
• In addition to China, CBRE is noticing a high level of interest from other parts of Asia including Hong Kong, Singapore and Malaysia.

The CBRE team worked in conjunction with Michael Gross and Alex Ham of Gross Waddell on behalf of the Saristavros family, fielding in excess of 130 enquiries.

“We have witnessed increased confidence in buyers seeking single tenanted retail investments since the May federal election, with many taking a more pro-active approach to purchasing following the Coalition government’s re-election,” Mr De Rieu said.

The Coles supermarket, located at 22 McKimmies Road, is Victoria’s second major single tenanted supermarket transaction of the calendar year following the sale of Woolworths Lara to a Melbourne based private family for $21.55 million in April.  

Mr Tong said there had been increased interest in supermarkets from Asian capital through, with CBRE also transacting the Woolworths in Scoresby and Woolworths in Burwood East to Asian based investors. 

“While capital from China may be tightening, we are still noticing a high level of interest from other parts of Asia including Hong Kong, Singapore and Malaysia, with investors demonstrating interest in securely leased, income-producing investments such as supermarkets and shopping centres.” 

“Chinese investment in the Australian commercial property market is continuing to mature and grow in sophistication, marking a departure from the former focus on residential development,” he said. 

Similar to this: 

Adelaide office market to deliver superior returns - CBRE

Sydney Technical College hits the market for the first time in 30 years

Murray Street office for sale to capitalise on strengthening Perth market