George Kepper sells Chirnside Park bottle shop investment for $12.5m-plus

The Chirnside Park store, built for Dan Murphy’s, contains 1387 square metres of internal area.

EXCLUSIVE

AFR Rich List member, technology entrepreneur George Kepper, via his investment business, KFT, has sold a prominent bottle shop asset in Melbourne’s Chirnside Park.

Purpose built for, and leased to Dan Murphy’s which, with options, can stay until 2062, 2 Fletcher Street is understood to be trading for more than $12.5 million but this could not be confirmed.

The site (shaded, orange) is near the southern boundary of Chirnside Park Shopping Centre (greyed).

The occupier, a division of Woolworths, pays annual rent of $493,436 excluding GST – plus a turnover rent.

At the south east corner of Maroondah Highway the property is near the southern boundary of Chirnside Park Shopping Centre.

Spreading 5917 sqm, and zoned Commercial 1 – the land could longer term make way for a taller structure – perhaps in co-operation with the occupier (in May Woolworths and a developer acquired an office investment with plans to replace it with a mixed-use complex with apartments above a supermarket).

The Dan Murphy’s store contains 1387 sqm of lettable area.

The incoming owner will also benefit from some depreciation benefits (story continues below).

Dawkins Occhiuto’s Walter Occhiuto, Andrew Dawkins and Chris Jones said 2 Fletcher St generated significant interest from local and interstate groups.

The brokers only closed an expressions of interest campaign on June 25.

The investment forms part of East Ridge Estate, a 21 hectare parcel master-planned for a mixed-use commercial redevelopment, and which Mr Kepper listed for sale in early September, 2017 with c$110m price hopes.

Also in this pocket is a 3.9ha holding which was until earmarked for a Kaufland, until that Germany based supermarket decided not to proceed with plans to open in Australia.

Another block, measuring 9.3ha, is earmarked for residential and aged care accommodation.

Chirnside Park is 32 kilometres north east of Melbourne.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco