The Liuzzi family has paid $45.7 million – some 20 per cent over initial expectation – for a major supermarket investment in Melbourne’s east.
The price for Woolworths Balwyn at 383 Whitehorse Road, reflecting a 2.99pc net passing yield, is understood to be the highest outlaid for a standalone asset of its type in the country.
Twenty suitors were registered ahead of the auction today – with five contesting, pushing the bidding from $30m to $40m in two minutes.
“Based on the level of enquiry, over 260 through the campaign, there’s over $9 billion of unmet capital chasing supermarkets – and that’s just at this price point,” he added.
“This particular property ticked many boxes including a long lease to Woolworths, significant land and a blue chip address,” according to the executive.
“The vendors held it for 28 years, which I think is an indication of its intergenerational attributes” (story continues below).
The purchaser’s Liuzzi Property Group portfolio spreads across industrial, office and hotels – in Victoria, New South Wales and Queensland.
It holds significant retail product including bulky goods complexes and shopping centres.
Two of its assets – at Abbotsford’s Hive313, and Griffith (NSW) – are anchored to or fully occupied by Woolworths.
The group also operates a charitable foundation funding medical research into neuromuscular diseases – the Fred Liuzzi Foundation.
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