Dan Murphy’s trifecta

Friday 31 July 2015

Written by The Australian Jewish News

Three Dan Murphy’s stores are currently being marketed by Burgess Rawson as part of its upcoming Portfolio Auctions in Melbourne and Sydney.

Each of the properties are in high-exposure corner locations: one in Gladesville, 11 kilometres from the Sydney CBD; another in Queanbeyan, a “suburb” of Canberra only 16 kilometres from the centre of the city (though technically part of New South Wales, not the ACT); and the third in Broadmeadows, 15 kilometres north of the Melbourne CBD.

Graeme Watson, a director of selling agents Burgess Rawson, said that they’re all held under new leases to Woolworths with option renewals, extending tenancies as far out as 40 years to 2070. The large-format
liquor outlets represent the latest fit-outs with the Gladesville and Broadmeadows stores only some two years old and the Queanbeyan outlet having opened about a month ago.

“The properties are expected to sell in an overall range from as low as $6.75 million to something like $10 million with potential yields from 5.5 to 6.25 per cent,” Watson said. The Gladesville and Queanbeyan properties will be auctioned by Burgess Rawson Sydney at the Four Seasons Hotel on Tuesday 4 August and Broadmeadows the following day, at Melbourne’s Crown Casino. Video links between both cities will assist bids from interstate investors.