Coles supermarket in Glenvale, Toowoomba sells to Victorian investor for $27.4m through Colliers
A major supermarket in Toowoomba’s western suburbs has been sold to an investor for an eye-watering amount. It’s also set a new record in Queensland real estate.
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One of Toowoomba’s newest supermarkets has sold to an interstate investor for a record-breaking $27.4m.
The Coles supermarket complex on the corner of Greenwattle St and Glenvale Rd in Glenvale was snapped up by a Victorian-based buyer late last year following a national campaign by Colliers.
It comes about two years after Coles’ development arm completed work on the new supermarket, which also includes a Liquorland and an independent cafe tenant, along with nearly 190 parking spaces.
The deal has smashed the previous record for a non-metro supermarket sale in Queensland, which was set by a Coles in Sippy Downs five years ago.
It is also the highest-selling property sale the Toowoomba region has seen since the Drayton Shopping Centre sold for $33m in July 2021.
Colliers’ James Wilson, who sold the property with Stewart Gilchrist and Dan Dwan, said the investor had been impressed by Toowoomba’s economic and population growth.
“Competitive bidding from predominantly local and interstate private investors resulted in the highest price ever paid for a Queensland non-metro supermarket investment reflecting the quality of the Coles net lease covenant,” he said.
Mr Dwan said the sale also backed up Toowoomba’s economic appeal for interstate investors.
“The sale signifies the continued upwards trajectory of Toowoomba’s investment appeal,” he said.
“Local and interstate investment interest in the region remains strong given the underlying economic factors which provide a great deal of confidence and stability in the Toowoomba market.
“These factors, coupled with the tight supply of stock, have increased market competition, generating positive results.”
Mr Gilchrist said it was the first sale-and-lease-back supermarket asset offered to the market in Queensland since 2021.
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