Woolies becomes landlord of Sydney mall where Coles is main tenant
Woolworths has made their latest move in an ongoing battle with major competitor Coles for dominance in the supermarket game.
Woolworths has purchased a small Sydney mall in the Sutherland Shire where major competitor Coles is the main tenant.
The supermarket giant purchased Miranda Mall for $68m in the latest swipe between the two rivals.
The neighbourhood mall located in Sydney’s south includes around a dozen tenants, though Coles has held the major tenancy for a number of years.
Woolworths bought the centre from boutique fund manager IP Generation, which owned the asset for just over a year.
It comes not long after a similar battle between the supermarkets centred around the Kirrawee Village shopping centre that opened in Sydney’s south in 2018.
Coles and Aldi won a bid to open their stores inside the $350m project, while Woolworths opened their own store across the road in a separate deal with the landlord.
Coles’ Miranda Mall lease expires in 2029 – so there is still plenty of time for the supermarkets to battle it out for dominance.
Woolworths declined to comment.
NCA NewsWire has also reached out to Coles for comment.
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