Chemist Warehouse executives buy store occupied by rival

Chemist Warehouse executives recently bought an Ivanhoe store from landlord the Valmorbida family.

Chemist Warehouse executives have bought another High Street style shop, it is speculated to occupy, this time in Melbourne’s east Hawthorn.

Richmond’s former National Australia Bank cost Chemist Warehouse executives $8.3 million in 2021.

Represented by Michael Spektor, the vendors outlaid $10.93 million at auction for 736-740 Glenferrie Road, which like other assets it has bought recently, neighbours a store the pharmacy rents.

The deal could set up some interesting show-downs, especially around rent review time for one of the tenants, rival Terry White, which is on agreement running seven more years with two five year options.

Alternatively, the landlord might present an option to swap spaces as it is rumoured it could do with a just acquired regional New South Wales property though in that case the neighbour is Cotton On.

The 779 square metre double storey Hawthorn building, also with a gym, returns annual rent of $536,578.

Spreading 669 sqm, the block includes eight car parks too.

Gorman Allard Shelton’s Stephen Gorman, Peter Bremner and Jonathan McCormack were the agents; the investment previously sold for $3m in 2016.

Mr Spektor leads National Retail Group, an agency also controlled by Chemist Warehouse executives.

In the past three years the broker has bought for Chemist Warehouse owners, as investments, assets in, amongst other suburbs, Fitzroy, in Brunswick St, Kew, in High St, near the junction, and Richmond’s Bridge Road, opposite a tenanted store – the latter two, it is speculated, for occupation.

In June they paid the Valmorbida family $5.7m for an ex-GJ Coles outlet rented to the pharmacy in Ivanhoe (story continues below).

The Walpole Street property traded on a 2.5 per cent yield.

The retail chain, which has in recent years been the subject of a float, also rents a store at 745 Glenferrie Rd, opposite the asset its executives just bought.

Kew Junction mall fetches $12.18m

Meanwhile in nearby Kew, a land banking investor has outlaid $12.18 million, reflecting a 2.5 per cent yield, for 4-14 Walpole Street.

Near Kew Junction and opposite the suburb’s Safeway, which includes a large basement car park, the site spreads 1570 sqm.

Over a floor it contains 1296 sqm leased to nine stores.

There is also a rooftop car park with 46 bays.

Fitzroys’ David Bourke, Chris James and Ben Liu were the agents.

It was the first time the asset has been offered in 30 years.

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Marc Pallisco

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