A private investor has secured a prime retail investment, leased long-term to national retailer Cheap as Chips for $3.72 million on a yield of 7.4%.
Located prominently in the heart of Colac Activity Centre at 173-183 Murray Street, Colac, Cheap as Chips Colac is a well-established and proven ‘essentials’ retailer whose network of 42 stores nationally across SA, NSW and VIC has remained open and trading throughout Victoria’s Stage 4 restrictions.
Occupying a large site area of 2,460sq m* with a gross floor area of 1,868sq m* and 28 car spaces, the property offers excellent exposure to major thoroughfare Murray Street (Princes Highway) with a significant street frontage of 30 metres making it highly visible to 13,400* vehicles daily.
Colac, a lakefront regional centre and the largest township in the Colac-Ottway shire continues to grow in popularity with a strong population of 13,058 and an exceptional range of amenities. The property was sold by Rick Silberman and Steven Lerche of Savills Retail Investments who said this was the first time the property had been offered in 30 years.
“It was previously a Coles Supermarket for many years until they outgrew the space and Cheap as Chips took over in 2017 on a new 10 year lease, plus additional options”.
Mr Silberman went on to say “We were incredibly pleased with the amount of enquiry received during an uncertain time and many people not able to travel to inspect the property. This demonstrated to us the growing penchant from buyers seeking securely leased investments with defensive style attributes.”