Hirsch family divest Ballarat supermarket

The Hirsch and Silver families sold Colac’s ex-Target, now a K-Hub, in April.

The Hirsch family has divested another regional asset, this time in Ballarat.

The supermarket spreads 2169 square metres – a third – of the Wendouree block.

The Woolworths at 1203-1205 Howitt Street, Wendouree, collected about $13.5 million – a c5.4 per cent yield – from a local private investor.

United Petroleum co-founder Eddie Hirsch outlaid $1.375m in November, 1990 – just before a recession.

That seller was Woolworths, which developed it.

JLL’s Jarrod Herscu, Stuart Taylor, Tom Noonan and MingXuan were the agents.

Another regional disposal

On a 6394 square metre Commercial 1 site at the corner of Forest St, the Wendouree holding contains 116 car parks.

As the mall is relatively small, with 2169 sqm, this translates to an above average 5.34 spaces per 100 sqm of lettable area (story continues below).

Some 20,000 vehicles pass the complex daily, the agents said.

There is also six years left to run on the Woolworths lease, when the anchor will then be presented with a 10 year renewal option.

The deal comes less than two months since we reported a company once controlled by Mr Hirsch and Mr Silver, but now directed by family members, divested Colac’s K-Hub, an ex-Target, for $5.25m.

That asset cost $550,000 in 1996.

The executives are still active property buyers however, in recent years snapping up an East Hawthorn amalgamation – an office and service station – beside the Monash Freeway on Toorak Road.

Hirsch family interests are also behind an office under construction in Hoddle St, Abbotsford.

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Marc Pallisco

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