The Coles supermarket in Cowes has sold for $23,750,000, the highest ever sale recorded on the island, eclipsing the $15.03 million paid last November by Adrian Portelli for the Block properties.
A local private investor has out-bid a long list of national and international buyers to secure the Coles supermarket in Cowes.
Agents JLL described the Expression of Interest campaign as "highly competitive", with the property selling for $23,750,000.
A JLL spokesperson said the price reflected "a sharp 4.6 per cent yield, marking one of the most competitive campaigns seen in years and signals a significant turning point in the market".
The freestanding Coles supermarket attracted unprecedented interest from investors nationwide.
"The aggressive nature of the competition for this asset was truly remarkable," said Tom Noonan, JLL Retail Investments.
"We received 387 enquiries and 63 data room participants, culminating in 17 formal Expressions of Interest totalling $340 million in bids."
The sale of Coles Phillip Island represents the sharpest Victorian supermarket transaction since other notable transactions in regional Victoria, including Woolworths Torquay (December 2020) and Coles Woodend (March 2021), which previously set the benchmarks for yields in recent years.
The sale was the highest ever sale recorded on the island.
The sale attracted significant interest from Chinese investors, who made up over 30 per cent of bids received.
Article updated on April 5, 2025: The previous version stated the sale eclipsed the $15.03 million paid in November by Adrian Portelli for the Block properties - a recent high profile sale.
