23 Mar 2017
THE anchor site within Highton’s village shopping centre has come on the market.
The 6854sq m freehold corner land holding at 12 Belle Vue Ave, which holds Highton’s Woolworths supermarket, will be auctioned next month.
Darcy Jarman agent Tim Darcy said it’s the first time the property had been offered for sale to the public.
“Woolworths has been the incumbent tenant since the early 1970’s”, Mr Darcy said.
“They’ve recently entered into a new 20-year lease with further options, to take it up to 2074.
“It’s obviously a well established and strong trading Woolworths supermarket,” he said.
A property of its scale and income generating potential is likely to sell for more than $11 million.
Mr Darcy said it currently provides an annual income of $581,000 to its private vendor, who originally developed the supermarket.
Woolworths pays for all the ongoing costs associated with the property.
“It provides a pivotal anchor to the Highton Village shopping precinct and comes complete with 144 carparks, which sit on the title as well,” he said.
Mr Darcy said freestanding supermarket complexes were a rare commodity likely to generate interest from private buyers keen on adding the steady income to an investment portfolio.
The wide-ranging campaign will seek to generate attention from local, Victorian, interstate and international buyers searching for properties with secure tenure and income.
“It’s a stronghold. Very few properties have ever changed hands and there are never any vacancies.”
Mr Darcy said urban sprawl in the city’s southwest has strengthened the productivity of the shopping centre.
“With urban sprawl, your established, existing residential areas further strengthen,” he said.