The chance to saw off a piece of Australia’s largest independent hardware retailer doesn’t come along every day.
But that’s what’s on offer as two properties leased to major regional timber and hardware supplier Dahlsens are put up for sale later this month.
The Dahlsens name is synonymous with the hardware industry in regional Australia, having begun trading in the Bairnsdale area in 1877 and then expanding its operation over the past 140 years to 20 stores and nine other sites across the country.
Now the original epicentre of the Dahlsens empire is on the market, with a Mitre 10 outlet leased as the company’s Bairnsdale operation currently for sale.
The significant 1.07ha site at the heart of Bairnsdale’s CBD at 9-19 Dalmahoy St has 4,732 sqm of building improvements, including a retail warehouse and a drive-through bulk store, and is leased to Dahlsens at $480,000 per annum.
But Burgess Rawson director Shaun Venables, who is marketing the property with Al Bogdani and Raoul Holderhead, said it was as a potential development site that the property could attract the most interest.
“The property will be sold with a two-year leaseback to Dahlsens to 2021, with no options to extend,” Mr Venables said.
“It would suit an owner-occupier or a developer, as well as investors, due to its premium Commercial 1 zoning and the fact that the site becomes vacant and available to you within two years.”
“You just don’t find sites of this scale and quality so close to the heart of the action in a major regional hub.”
The Bairnsdale property will be sold through expressions of interest, which close on May 29.
Burgess Rawson is also set to auction the Dahlsens trade centre at Deniliquin in NSW this month, with a high yield of around 10% anticipated.
The standalone property at 205-207 Barham Road, which has been occupied by Dahlsens for 27 years, has a secure 10-year lease, plus options to 2033.
The large 5,131 sqm site has street frontage of 41m, as well as buildings totalling 1,185 sqm. It returns $92,472 per annum, with annual rent reviews and Dahlsens paying all outgoings, including land tax.
Mr Holderhead said the Deniliquin property was expected to sell for between $900,000 and $950,000, which would reflect an attractive yield of around 10%.
205-207 Barham Rd will be sold as part of Burgess Rawson next Investment Portfolio Auction at 11am on Wednesday, May 15 at Crown Casino’s River Room.
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