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Coles - shutting down all there warehouses in the next year in nsw and going to one huge new built automated warehouse so all the commercial properties leased by them will be gone.
The warehouses are big John, but then so are the terms on these leases.
Coles doesn't go around signing little 6 month terms.
They usually take 15 years plus 10 plus 10 plus 10.
Imagine if you were the Landlord and they moved into your warehouse 11 years ago. When they signed the Lease, their corporate plan didn't extend beyond 10 years, so they had no idea that they were going to move.
Sure, they aren't going to exercise any of their options, but you still get your rent and outgoings paid for the next 4 years, all the while, able to advertise and look for a new Tenant.
If your concern is for the poor Landlord who has 4 years of fully paid notice, then your corporate conscience is admirable indeed. Landlords who own facilities big enough to house a Coles distribution centre don't need your sympathies. They are big enough and ugly enough to handle their own affairs.
Your concern though is very touching.
I've got 10 guys in one of my guesthouses employed via some Russian firm who are all here in Sydney for the next few months doing something big to a new Coles warehouse in Eastern Creek. Haven't grilled them on details.
This is concerning, an reflection of our economic outlook