Two east coast shopping centres have been transacted for a combined total of nearly $20 million in deals negotiated by Savills Australia.

The deals include the off-market sale of a NSW Woolworths for $14.65 million at a yield of 5.5 per cent through Savills National Director of Retail Investments Steven Lerche and Associate Director Andrew Palmer.

Mr Lerche was also involved in the purchased of Coles Kilsyth, a well-established strata supermarket located within Kilsyth Shopping Centre in Metropolitan Melbourne, by a private investor for $4.25 million, this time working alongside Rick Silberman.

NSW Woolworths sold - At a glance:

• Savills Australia has overseen the off-market sale of a NSW Woolworths for $14.65 million at a yield of 5.5 per cent and a sale rate of $4,764 per square metre.
• The deal was negotiated by National Director of Retail Investments Steven Lerche and Associate Director Andrew Palmer.
• The site encompasses approximately 5,864 square metres.

Located at 18/518 Mount Dandenong Road, Coles Kilsyth occupies a large building area of 2,183 square metres* with significant retail frontage and includes an internal Liquorland.

Coles Kilsyth benefits from an ample at-grade car park for 215* vehicles and a range of neighbouring complimentary retailers which are focused on essentials and convenience.

Once voted the happiest suburb in Australia, Kilsyth is located 36km* east of the Melbourne CBD and forms part of the Shire of Yarra Ranges Council, with an estimated 10,891 residents* in the main trade area.

Coles Kilsyth sold - At a glance:

• A well-established strata supermarket located within Kilsyth Shopping Centre in Metropolitan Melbourne has been sold to a private investor for $4.25 million at a sale rate of $1,946 per square metre.
• Located at 18/518 Mount Dandenong Road, Coles Kilsyth occupies a large building area of 2,183 square metres* with significant retail frontage and includes an internal Liquorland.
• The deal was negotiated by Steven Lerche and Rick Silberman.

Coles Kilsyth at 18/518 Mount Dandenong Road. Source: Savills Australia

Mr Lerche said there was an opportunity to reposition, re-develop and/or split the property into multiple tenancies, as Coles was trading on a month to month lease.

“The Flexibility of Commercial 1 Zone allows for potential alternative uses including retail, commercial and/or residential (STCA) and we received significant interest from investors, developers and owner-occupiers," he said.

*Approximately

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