Chemist Warehouse directors buy shop from landlord

The property is in a small retail strip beside busy Springvale Road and a bus stop.

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 Kew Junction property was purchased by Chemist Warehouse executives last month.

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 in September paid $8.3 million for 335-341 Bridge Road, Richmond.

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).

Australia’s first Safeway, at Forest Hill Chase – which is selling for $270 million.

“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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of