For the first time in 40 years, the strip housing Coles Manly Corso (plus a bank and our local federal member) is up for sale for an undisclosed amount. We looked into it upon rumours the Coles was leaving now, but rest assured Coles isn’t going anywhere any time soon. They have a 10-year lease, plus options to 2042.
“Coles Manly Corso represents a generational opportunity to acquire a fortress retail investment in one of Sydney’s most tightly held and iconic retail strips,” Philip Gartland, National Partner at Stonebridge Property Group, said in a press release.
“With 95 per cent of the income secured by blue-chip national tenants, Coles, NAB and the Commonwealth of Australia, and unrivalled exposure along the Corso, this is a truly irreplaceable investment.”
Stonebridge Property Group hasn’t replied to Manly Observer’s request for further information.
Within the press release, Stonebridge beileve the sale is highly favourable to investors, not only because of its secured income, but also its location.
With only a 20-minute ferry ride from the city, the investment opportunity is in Manly’s CBD which attracts over 1.8 million visitors annually.
If that wasn’t enough of a pull, the average retail spending per capita in Manly is 51 per cent above the Greater Sydney average.
“The lease to Coles is rare and highly landlord-favourable, with a three-year market review clause featuring a ratchet mechanism, and a separate specialty tenancy on 4% fixed annual increases plus market reviews every four years,” Alex James-Elliot, a Director at Stonebridge Property Group, explained.
“These lease terms provide both immediate income and long-term rental upside.”
The strip comprises of 2,464 sqm of lettable area (mostly held by Coles, NAB and Federal Member for Warringah Zali Steggall’s office) and an eight-vehicle basement car park.
The strip is for sale via Expressions of Interest closing Thursday 29th May 2025 at 4pm (AEST).
