Tavner family sell Doors Plus portfolio with leasebacks
The Tavner family has sold 12 Doors Plus outlets with leasebacks.
The c$30 million deal comes six months since the group divested 80 per cent of Doors Plus’ operating business to Colinton Capital Partners for over $60m.
The partnership intends to open 10 outlets in the short term.
It will also refurbish many of its 22 stores.
The group also maintains five distribution centres.
The deal comes a fortnight since the owner of retailer 99 Bikes sold eight outlets with leasebacks.
In September meanwhile, Wesfarmers shed six Bunnings outlets with leasebacks.
Doors Plus portfolio
The Tavner family established Doors Plus in south west Sydney 36 years ago.
The portfolio, offered individually with three year leasebacks with a three year option, includes:
- 9-10/7 Hollylea Road, Leumeah, NSW
- 11/19 Victoria Avenue, Castle Hill, NSW
- 3A Debenham Road, Gosford West, NSW
- 3/2 Parramatta Road, Clyde, NSW
- 276-282 Ballarat Road, Footscray, Victoria
- 1/603 Whitehorse Road, Mitcham, Victoria
- 909 Princes Highway, Springvale, Victoria
- 1/1523 Sydney Road, Campbellfield, Victoria
- 1199 South Road, St Marys, South Australia
- 213-215 Main North Road, Sefton Park, South Australia
- 62-66 Brisbane Road, Labrador (Gold Coast), Queensland
- 174 Gladstone Street, Fyshwick, ACT
When listed in May, there were 13 properties, two, vacant.
The buyers are all private investors and family offices, though syndicates institutions looked in, the agents said.
A New South Wales buyer bought three – at Fyshwick, Leumeah and Springvale.
Both South Australian properties sold to locals.
A Victorian investor meanwhile acquired one of the Queensland stores.
“Despite short lead times and a complex mix of titles and lease structures, buyer engagement was overwhelming , confirming the enduring demand for well located trade retail assets,” Colliers’ James Quick, who marketed the properties with Jordan McConnell, said.
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