Tasmanian supermarket

Monday 29 February 2016

Written by The Australian Jewish News

A Tasmanian supermarket at 212-230 Mount Street, Burnie, is currently being marketed by Burgess Rawson via an Expressions of Interest campaign closing on Thursday 3 March.

The agents say that they have already received considerable enquiry from investors and expect a sale price in excess of $17.5 million, offering a strong return of up to 7 per cent.

With a new 20-year lease plus options through to 2051, the agents say that the net income is currently at $1,236,483, boosted by huge depreciation benefits. Woolworths is responsible for the usual outgoings, except for building insurance. While the retail development goes back some 50 years, it has recently been extended and refurbished. “Being nearly 4000 square metres in area, the store is as large as they generally come. On top of this, the site has been expanded to almost 11,000 square metres, accommodating some 200 on-title car spaces,” Graeme Watson, Burgess Rawson director, said.

“Not only is the supermarket said to be the highest performing in the state, it is well up there on a national level in terms of performance also. It has been so for years with consistent and well-above-average rental sales and rental growth.”