Good Guys goes to auction
Less than a year after Launceston’s first Good Guys outlet opened, the site is going up for auction with a reserve price of $9.5 million.
The store was opened in July last year following an initial development application that was lodged in early 2020. The development was estimated to have cost $5 million and was put forward by King Wharf Developments, which is partly owned by Launceston businessman Errol Stewart. The opening marked only the second site in Tasmania for the nation- al brand.
Shoppers shouldn’t be concerned, however, as only the site is going up for sale and the current seven-year lease with The Good Guys – which is wholly owned by JB Hi-Fi – extends to 2028 and includes an option to further extend through to 2048.
The freehold site covers more than 7000 square metres and sits within a retail park containing Officeworks, JB Hi-Fi and MacDonald’s and more than 80 car park- ing bays. The current tenant is expected to pay just over $530,000 in rent in the financial year to June 2022.
The site will be put up for auction at the Crown Casino in Melbourne on Wednesday, March 30 at 10:30am. The auction is being handled by Burgess Rawson agent Matthew Wright.