The iconic Coles Manly Corso is set to hit the market for the first time in approximately 40 years, marking a significant moment for investors and the local community alike. This landmark retail investment, anchored by Coles supermarket, NAB, and the Commonwealth of Australia, is located in the heart of Manly’s CBD, one of Australia’s most renowned tourist and lifestyle destinations, attracting over 1.8 million visitors annually.
Boasting a prime 45-meter frontage along the Corso, the property is only 200 meters from Manly Wharf, providing a direct connection to Sydney’s CBD and serving as one of the primary gateways to Sydney’s Northern Beaches. The Coles Manly Corso comprises a substantial 2,464 square meters of lettable area and includes basement parking for eight vehicles.
The asset is anchored by the ASX-listed Coles Group on a 10-year lease, with options extending to 2042. Together, Coles, NAB, and the Commonwealth of Australia contribute a remarkable 95% of the gross income, underpinned by strong rental growth mechanisms across all leases. This ensures that the property is currently 100% occupied, offering a long weighted average lease expiry (WALE) of 6.7 years by area, reinforcing its excellent income security.
Stonebridge Property Group has been exclusively appointed to manage the sale of Coles Manly Corso. Philip Gartland, one of the agents handling the sale, stated, “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.” He emphasized that with 95% of the income secured by blue-chip national tenants, this property offers unrivaled exposure along the Corso, making it a truly irreplaceable investment.
Alex James-Elliot, another agent from Stonebridge, added, “The lease to Coles is rare and highly landlord-favourable, with a three-year market review clause featuring a ratchet mechanism.” This unique structure, along with a separate specialty tenancy that includes 4% fixed annual increases and market reviews every four years, provides both immediate income and long-term rental upside.
Manly’s premium demographics further solidify the asset’s strength, with average retail spending per capita reported to be 51% above the Greater Sydney average, according to Location IQ. The property’s proximity to the Sydney CBD, located just 11 kilometers to the south and accessible via a 20-minute ferry ride from Manly Wharf, enhances its attractiveness to potential buyers.
As the expressions of interest campaign opens, it is expected to close on Thursday, May 29, 2025. Given the unmatched location, dominant street presence, exceptional covenant strength, and income certainty, Coles Manly Corso is poised to attract significant interest from private capital, institutional investors, and offshore groups looking for a flagship foothold in one of Sydney’s most celebrated high-growth retail markets.
With its rich history and strategic position, the sale of Coles Manly Corso not only represents an investment opportunity but also a pivotal moment in the evolution of Manly’s retail landscape. As the community watches closely, the outcome of this sale could shape the future of the area’s commercial real estate market.