A private investor has snapped up Coles Kilsyth, a well-established strata supermarket located within Kilsyth Shopping Centre in Metropolitan Melbourne for $4.25 million.
Located at 18/518 Mount Dandenong Road, Coles Kilsyth occupies a large building area of 2,183sq m* 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.
The property was sold by Rick Silberman and Steven Lerche of Savills Retail Investments who said there is an opportunity to reposition, redevelop and/or split the property into multiple tenancies, as Coles is 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.”