Woolworths in Tasmania’s Burnie bought by Melbourne investor for $18.1 million

Thursday 24 March 2016

Written by Prateek Chatterjee, Property Observer

A Woolworths supermarket in Burnie on Tasmania’s North West coast has been snapped up by a Melbourne investor for $18.1 million.

The property at 212-230 Mount Street was sold through an expression of interest campaign managed by Graeme Watson and Shaun Venables of Burgess Rawson.

The net rental from the single-tenanted property is $1,236,483 pa plus GST, implying a yield of 6.8 per cent.

The recently refurbished 4,000 sqm supermarket on the 10,978 sqm site is on a renewed 20-year lease to 2031 plus options to 2051.

It also comes with a car park for 195 vehicles.

The property was offloaded by a syndicate of three Tasmanian investors.

Burnie, a major commercial centre and Tasmania’s major port, has an estimated catchment population in excess of 50,000.