The owners of Chemist Warehouse, including the Gance and Verrocchi families, have acquired another High Street style shop – this time at Forest Hill.
The double fronted, 341 square metre asset, 415-417 Springvale Road, near the corner of Parkmore, cost $2.72 million – reflecting a 3.1 per cent yield – at auction.
The property is unique being on the biggest holding (373 sqm) in a busy strip with 10 shops, abutting a Shell service station, opposite a bus stop.
It is about a kilometre from Forest Hill Chase – the site of Australia’s first Safeway, now Woolworths – which Blackstone is reportedly selling to Haben and JY Group for c$270m.
Chemist Warehouse buys again
Gray Johnson’s Rory White and Matt Hoath marketed 415-417 Springvale Rd.
Chemist Warehouse had just signed a five year lease renewal.
“My expectation was that this property would attract serious investor interest and I was anticipating a $2m-plus auction sale,” Mr White said (story continues below).
“We had four bidders, three of whom we believe to be private investors, until a representative of Chemist Warehouse’s placing the winning bid,” he added.
The purchase comes three weeks since the retailer’s executives outlaid $5.325m for adjoining shops covering 630 sqm at 129-135 High St, Kew.
In September, the businessmen spent $8.3m for an ex-National Australia Bank beside Richmond Town Hall, on Bridge Road.
Both properties were acquired at auction for Chemist Warehouse to occupy.
Each is also close to an existing store.
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