The private owner of the property Coles Ramsgate at 277 The Grand Parade has accepted the sale and an exchange of contracts is expected in a few months.
Coles will be like a long-term tenant with the 4,266-square-foot plot just across from Lady Robinsons Beach to be remodeled as a new high-rise complex.
The sale was negotiated by Tim Cassidy of Cushman and Wakefield Sydney, who said there was an unprecedented interest in the property with around 100 inquiries. The sale is confidential.
“If sales continue, it’s likely to be a record price,” Cassidy said.
“The site has a mixed use B4 zoning with a 20 meter higher limit or approximately five to six storeys.
“The whole place is being torn down and Coles is moving in for a few years and returning as a tenant on the ground floor of the new complex.”
It is reported to be one of Coles’ best sites nationwide.
Coles has been contacted for comment.