A new Queensland record has been set for the largest sale of a freestanding supermarket.

Coles Group sold its Kedron Centre, in northern Brisbane, to a Melbourne-based private investor for $34.24 million.

The 4,092 square metre complex was developed by Coles Group and opened in late 2017, featuring three tenancies – a freestanding 3,915square metre Coles Supermarket and Liquorland store, a Coles Express service station and a café.

The deal breaks the previous record of $30.25 million set by Coles Pacific Pines in 2017.

Savill’s National director Peter Tyson brokered the deal, after the $34.24 million transaction was agreed to in late 2018.

At a glance

• Coles Group sells Kedron Centre in Brisbane for $34.24 million 
• The 4,092sqm complex was developed by Coles Group and opened in late 2017
• The centre has a weighted average lease expiry of 14.7 years

Mr Tyson said the centre was fully leased and provided long lease security with a weighted average lease expiry of 14.7 years.

“The supermarket’s high-exposure location on the outbound side of Gympie Road, within seven kilometres north of the CBD was a valuable drawcard” he said.

“Coles Kedron’s highly convenient freestanding design differentiates it from larger, less-convenient surrounding shopping centres, ensuring it will remain attractive to shoppers in the long term.”

Mr Tyson said Coles acquired and consolidated the site over an extended period of time, positioning the development to capitalise on the city’s growing population.

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