Written by Jonathan Chancellor, Property Observer
The Woolworths supermarket at Dural is up for auction through Burgess Rawson on October 29.
The 508 Old Northern Road store is currently on a 20-year lease to 2023 with options to 2053.
Located in Sydney’s north western growth corridor, the supermarket is spread across 4,356 square metres.
Its annual rent is $1,102,900 and 200 car parks are included. Listed through agents Graeme Watson and Simon Staddon, the tenant pays all outgoings, including land tax as per lease.
The agents noted this was a supermarket on an “old fashioned net lease,” with the tenant paying outgoings that neither Coles nor Woolworths no longer agree to.
“The strong trading Woolworths supermarket is located in the heart of Dural, one of Sydney’s affluent suburbs,” Graeme Watson said.
“The presents not only as a rare investment opportunity but also a secure one”
Set 32kms from the centre of Sydney, it adjoins Dural Mall, a shopping centre with numerous specialty shops, all adding to Dural’s strong overall customer draw. It is expected to sell at circa $17,000,000 reflecting a yield in the order of 6.5%. The property will be auctioned at Sydney’s Sofitel Wentworth Hotel as part of Burgess Rawson’s Investment Portfolio Auction 100.
Late last year, Burgess Rawson sold off a Woolworths supermarket in rural Gloucester, NSW for $9.88 million on a 5.88 per cent net yield.
Burgess Rawson is a leading investment sales specialist, pioneers of the portfolio auction system, which celebrates its 100th auction this October.
Beginning in 1975, Burgess Rawson established a nationwide network of offices and is Australia’s largest locally owned and operated commercial property agency, marketing more than 10,000 properties and generating sales in excess of $25 billion over the past 40 years.