Coles / expansion of supermarket located within Coles head office site in Docklands, VICWA-65032

Parties

Summary

Coles Group Limited has completed an asset acquisition, varying an existing lease agreement with property investor Bourke Junction No. 1 Pty Ltd. This transaction secures an increased net lettable area for a larger 'mini' supermarket and new office space within a Docklands mixed-use commercial precinct, serving local workers and event attendees.

Acquisition details

Coles Group Limited ( Coles ) is an Australian public company (ASX: COL) that primarily operates: supermarkets nationwide through its subsidiary, Coles Supermarkets Australia Pty Ltd; and retail liquor stores nationwide, trading under the Liquorland, Liquorland Warehouse and Liquorland Cellars brands. Coles also has a property development arm, Coles Group Property Developments Ltd, that buys land and constructs shopping centres, standalone supermarkets and/or liquor outlets and then sells these completed sites to third party buyers. Bourke Junction No. 1 Pty Ltd as trustee for the Bourke Junction Trust No. 1 (the Lessor ) is an Australian private company and subsidiary of Cbus Property Sesp No.1 Pty Ltd, a property investor and developer focusing on major investments and developments in the commercial, retail and residential sectors. The Lessor is the owner and developer of a mixed-use commercial precinct at 720 Bourke Street, Docklands, comprising office accommodation with concourse, park level and ground floor retail uses and located in proximity to Southern Cross Station and Marvel Stadium. Coles is seeking to vary an existing lease agreement for its new office space and a small footprint ‘mini’ Coles supermarket at 720 Bourke Street, Docklands. The new office space will accommodate the Coles Store Support Centre, which is currently located at 800 Toorak Road Hawthorn East. Coles and the Lessor executed the original lease agreement on 17 December 2024. Coles now seeks to vary the lease agreement to accommodate a minor increase in the total net lettable area under the agreement, including an increase to the size and re-location (within the same level) of the mini supermarket (the Acquisition ). The proposed mini supermarket is scheduled to open simultaneously with the Coles office space in or around May-June 2027. The store will have a small footprint and convenience focus. The Acquisition will enable the mini supermarket to cater for customers including Coles employees, other commercial workers in the surrounding precinct, and footfall from major stadium events at the nearby Marvel Stadium.