Warrnambool’s CBD Coles site is on the market.
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It is the second time the prime real estate building has been offered for sale since it underwent a redevelopment in 2008.
CBRE agents Justin Dowers, Mark Wizel and Joseph Du Rieu have been appointed to sell the Lava Street building on behalf of a Melbourne-based private investor.
The property is being sold by expressions of interest closing in May. Mr Du Rieu declined to give a price indication.
“We don’t have an expectation at this stage,” he said.
“The buyers we deal with are sophisticated and savvy. They will make their own conclusions.”
The building was previously offered for sale in 2002 for $4.25-million, but that building was demolished and a new store developed.
Lascorp Development Group constructed a two-storey building costing $6.5-million.
The property is offered for sale with a 20-year initial lease term to Coles, with options to extend until 2048.
Net lease yearly income is approximately $803,000.
Mr Wizel said the property was expected to yield strong interest from local and offshore investors, as well as private and institutional syndicated funds.
Recent supermarket building sales have commanded high prices, including Woolworths Launceston at $22.5-million, Woolworths Moe at $14-million and Coles Launceston at $9.75-million.
The sale is the first offering of a freestanding supermarket in Victoria for 2016.
