Coles lists Boronia supermarket
Coles has listed for sale its 10,000sqm GLA Boronia supermarket and adjoining Kmart store. The property includes a new 12-year lease to the Coles supermarket and an established Kmart DDS lease that expires in 2025. One hundred per cent of the net income of $2.05 million is derived from the leases.
Boronia is a major centre within the growing city of Knox, about an hour east of the Melbourne CBD. Knox has a population of about 164,000 and is expected to add another 28,000 residents – a 17 per cent growth rate – to reach 192,407 by 2041.
The Coles and Kmart stores form part of the Boronia Mall and are adjacent to the Boronia Central retail centre. Together, the Mall and Boronia Central comprise a broad retail/commercial offering, including Australia Post, Liquorland, a newsagency, a bakery, a medical clinic, and numerous other specialty retailers and services. The two centres also provide both undercover and at-grade parking for Coles and Kmart customers.
Significant upgrade works have also been recently completed with new lifts, travellators, plant and carpark works. The precinct is designated as a major activity centre in Plan Melbourne, which provides planning support for a range of uses including core retail, commercial and residential.
CBRE’s director of investments, Mark Wizel, is marketing the property with senior director of retail investments Justin Dowers.
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