Supermarkets among top locations for sale
IN THE run-up to Christmas, some quality properties are hitting the market. Two supermarkets - one at Lalor and the other at Bentleigh East - are up for grabs this Wednesday at Burgess Rawson's 72nd auction.
Each is expected to fetch at least $7.5 million. The Woolworths supermarket, in High Street, Lalor, was built in 1970 and has an annual net income of $527,110. Since 1970, its turnover has risen by 2400 per cent.
The other property - Ritchies supermarket in Heather Street, Bentleigh East - pays $536,280 net in rent. The lease was recently renewed until 2037. They are two of the 10 properties for auction, at 11am in the River Room at Crown Casino.
Offers of up to $20 million are expected for a high-profile, five-level office building and showroom on the corner of Exhibition and La Trobe streets in the CBD. Marketing agents are Colliers International and Savills Australia.
Matt Stagg and Daniel Wolman of Colliers, together with Clinton Baxter and Nick Peden of Savills, are selling 333 Exhibition Street. The 6528 sq m building is leased to Telstra until April 30, 2016 and returns $1,909,209 a year net. The building has large open floorplates of 1200 sq m and overlooks Carlton Gardens. Expressions of interest close November 16 at 2pm.
The freehold of the landmark Knox Club in Wantirna, in Melbourne's east, is for sale for the first time in 25 years and is expected to sell for more than $12 million. The Knox Club has a new 15-year lease that began in July, with the annual rent at $960,799. Selling agent is Knight Frank's Leigh Morris. The expressions of interest campaign closes on November 22.
In Sandringham village, a blue chip retail investment near the beach and opposite the train station should tempt buyers. More than $1 million is expected for 50 Station Street, which houses a securely leased and established cafe operator. Marketing agent is Hocking Stuart commercial, which will auction the property on Thursday, November 22 at 3pm.