Savills Australia and New Zealand have been exclusively appointed to sell a high performing freestanding Woolworths supermarket in Maryborough, 140km north-west of Melbourne’s CBD, which is being offered for the first time ever.
The property, located at 34-36 Tuaggra Street and 103 Napier Street in Maryborough is being offered for sale with a highly sought-after net lease in place which gives investors the comfort to know that 100% of all outgoings are the responsibility of the tenant, including statutory Land Tax which in most cases is not recoverable by Landlords. In addition, the investment offers security of tenure via an unrepeatable 24-year lease expiring October 2034 plus options.
The attractive net lease structure backed by ASX-listed Woolworths Group also offers rental increases of 10% at the first option period and 5% for options thereafter which is another ‘investor-friendly’ lease aspect that is seldom seen in Woolworths leases and guarantees rental growth.
Sitting on a commanding commercial 1 zoned site of 9,699 sq m, the supermarket and BWS store comprises a large full-line store of 4,294 sq m and is currently returning a net income of $944,215 per annum. Most importantly, Woolworths Group have almost completed a significant $9 million refurbishment of the store which is set to include a dedicated Direct to Boot offering in addition to internal and external upgrades. Works are due to be completed in November 2023.
Speaking on the opportunity, Rick Silberman, Director, Retail Investments at Savills said, “This is one of the best supermarket investments I have seen in my time. Generally speaking, freestanding supermarkets have always been a high demand asset which is exacerbated by how rarely they become available.