Discount store sale chips $3.7m off the block
It might be a discount retailer but the property Cheap as Chips occupies is at the other end of the scale.
A private investor has bought a 1868-square-metre shop with a long-term lease to the variety store in Colac, about 150 kilometres south-west of Melbourne, for $3.72 million on a yield of 7.4 per cent.
The 2460-square-metre site at 173-183 Murray Street is part of a 42-store network operating in Victoria, NSW and South Australia.
The deal was done by Savills Australia’s Rick Silberman and Steven Lerche, who said it was the first time the property had been offered for sale in 30 years.
A Coles supermarket occupied the property until 2017, when Cheap as Chips took over on a 10-year lease with options.
Happy landing
A 2.3-hectare parcel of land within the Western Sydney Aerotropolis has sold under the hammer for $5.37 million.
Colliers International’s Thomas Mosca, Nick Estephen and James Cowan took 100 Martin Road, Badgerys Creek, to auction on behalf of Alan Walker and Andre Lakomy of Cor Cordis as receivers and managers appointed.
The property, due to be rezoned by the end of the year, garnered 53 bids and sold for a price 15 per cent above the reserve.
Seniors in scope
Uniting Care has bought a seniors’ living development site south-west of Sydney for $17 million-plus.
The 6.6-hectare property at 192 Narellan Road, Campbelltown, was sold by the Association of the Franciscan Order of Friars Minor, which had held it since 1930.
With approval for up to 500 dwellings and 200 aged care beds, the site is part of the master-planned Maryfields Estate.
Colliers International’s Matthew Meynell and Shalain Singh, working with advisory firm Innova Capital, managed the expressions-of-interest campaign and sale.
Big ideas
A 6542-square-metre car dealership site in south-west Sydney has sold for $7.55 million to a Melbourne-based owner-occupier who plans to develop a large-format showroom.
Acting for a Melbourne-based private investor, Cushman & Wakefield’s Geoff Sinclair and Yosh Mendis sold 239 Hume Highway, Cabramatta, in an offers-to-purchase campaign which generated 10 bids.
Mr Mendis said the sale represented one of the biggest land deals along the Hume Highway in Cabramatta.
Meal deal
A McDonald’s investment with a long-term ground lease in Sydney’s Hills District has sold for $6.65 million.
Colliers International’s Paul McGlynn and Harry Bui sold McDonald’s Bella Vista, a 2885-square-metre property at 2 Lexington Drive, Bella Vista, to a private investor from Melbourne on a net yield of 3.1 per cent.
McDonald’s built the single-level restaurant which opened in May 2019 at the entrance of Norwest Business Park.
Mr Bui said private high-net-worth investors were the most common buyer profile in the sub-$20-million investment market.
“Premium investment properties with long leases such as a freestanding petrol station leased to Viva Energy, 7-Eleven, Caltex, BP or freestanding fast-food sites like McDonald’s are currently very sought after,” he said.
Cafe to go
A Melbourne investor group paid $770,000 for a newly leased cafe in the city’s north-east.
The 186-square-metre ground-floor shop at 443 Upper Heidelberg Road, Ivanhoe, was sold off-market on a yield of 5.8 per cent.
CBRE’s Jason Orenbuch, Rorey James and Nic Hage steered the sale on behalf of Caydon.
Family decision
A Melbourne family has sold a retail-office property in Brighton to a local investor for $3.3 million.
The two-level brick building on a 493-square-metre site at 310-318 New Street had been in the family’s hands for more than 30 years.
Teska Carson’s George Takis and Michael Taylor managed the deal for the 530-square-metre property, which is leased to four tenants.
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