Cohen family banks $27.6 million selling portfolio of seven Godfreys-leased assets

This Ascot Vale site sold for $7.27 million.

Interests associated with the Cohen family, founders of vacuum cleaner chain, Godfreys, have pocketed $27.64 million from the sale of seven retail assets across Australia.

The portfolio – shops predominantly tenanted by Godfreys – hit the market last month.

Promoted as investments, with leases in place, some of the sites offered medium term and medium density redevelopment potential.

They were sold via auctions scheduled throughout this month.

The most valuable deals were in Victoria:

380 Hawthorn Road, Caulfield South sold for $7.9m reflecting a yield of 2.6 per cent
568-570 Mt Alexander Road Ascot Vale: $7.27 million (3 per cent yield)
484 Melbourne Road, Geelong North (pictured, top): $4.21 million (4 per cent yield)
1662-1668 Hume Highway, Campbellfield: $2.8m (7.3 per cent yield).

An outlet in Punchbowl at 1375 Canterbury Road, about 17 kilometres west of the Sydney CBD, sold for $2.9 million reflecting a yield of 8.6 per cent.

In Queensland’s Toowoomba, an outlet at 223-225 James Street traded for $1.9 million – a yield of 7.5 per cent.

The most affordable asset was in Salisbury, about 21 kilometres north of the Adelaide CBD, in South Australia. This holding, shops 1 and 2 of 60 Commercial Road – only one of which is occupied by Godfreys – sold for $660,000 on a yield of 7.1 per cent.

The portfolio was marketed by Melbourne-based broker Joseph Walton of Allard & Shelton. Mr Walton was assisted to promote the non-Victorian properties by Colliers International’s Harry Bui, Jack Dyson and Tom Isaksson and LJ Hooker’s Markus Eames.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

error: Content is protected !!