PROSPECTIVE buyers in Kilmore will look to compete for the rights to the Coles and Aldi supermarket complex.
The complex gives a buyer an opportunity to join in a landholding consortium which includes McDonald’s, Shell, Amplifon and Bakers Delight, with expressions of interest closing in early April.
According to property group Stonebridge, who are advertising the site as the exclusive selling agents, there are a number of key opportunities.
“The key highlights of the opportunity include a dominant dual-supermarket configuration anchored by Coles (new 10-year net lease) and ALDI (20-year lease), representing approximately 69 per cent of total gross income; secure income profile underpinned by 100 per cent national and blue-chip tenants including McDonald’s, Viva Energy, Amplifon and Bakers Delight; significant 18,600 sqm Commercial 1 Zoned corner landholding with dual frontage to Northern Highway and Clarke Street and four access points; located approximately 60 km north of Melbourne CBD within Mitchell Shire, forecast to accommodate an additional 171,941 residents by 2046; highly efficient 5264 sqm centre GLA with 248 on-title car spaces and minimal landlord complexity via freestanding and pad-site configuration; potential 50 per cent stamp duty savings, subject to purchaser circumstances and an estimated fully leased net operating income of $1.96 million p.a,” they wrote.
National Partner at Stonebridge Property Group, Justin Dowers, said the opportunity was a unique one for buyers.
“Dual-supermarket investments are exceptionally tightly held, particularly within rapidly expanding growth corridors. These assets are becoming increasingly attractive as replacement costs continue to escalate. Coles and Aldi Kilmore effectively provides investors with two full-line supermarkets and complementary pad sites at a price point below the cost of delivering a single new supermarket in today’s construction environment, which is highly compelling,” he said.
Partner at Stonebridge Property Group Kevin Tong recognised the Mitchell Shire’s growth as a key for buyers.
“Coles and Aldi Kilmore offers secure, supermarket-led income with embedded rental growth, long-dated lease expiries and minimal ownership complexity. With Mitchell Shire recognised as one of Victoria’s fastest growing municipalities, the asset is uniquely positioned to capture the benefits of sustained population expansion across Melbourne’s northern corridor,” he said.
