Written by The Australian Jewish News
Burgess Rawson, in conjunction with Shepherd & Heap, is currently offering a Best & Less department store investment in Devonport, Tasmania.
It is due to go under the hammer at Burgess Rawson’s next portfolio auction on Wednesday 24 February at 11am, at Crown Casino. The long established store is found at 44 Rooke Street in the mall and recently renewed its lease for another six years. The net rent is $161,135 from March 2016.
The modern, two-level store spans some 1,360 square metres and the agents say it is considered super prime for the Devonport CBD, occupying 1075 square metres of land with a 15-metre retail frontage on one side and a large council car park on the other. The agency auctioned off the nearby Terry White Chemist in December, attracting strong competition and bidding across several states and eventually selling for $2.155 million on a yield of 6.1 per cent. Burgess Rawson director Jamie Perlinger expects a similar result and equally strong interest; he is anticipating a price around $2.1 million, reflecting a 7.5 per cent yield.