The owners of retail group Bing Lee appear to be cashing up with the sale of one of their distribution centres which is part of their sprawling property portfolio up for sale.

The family owned business intends to sell and rent back the property.

Unlike JB Hi Fi or The Good Guys both the controlling shareholders of Bing Lee and Harvey Norman, have major property portfolio’s that underpin their balance sheets with the family owned Bing Lee selling the with a secure leaseback.

The 16,743sq m Old Guildford facility is on a large 27,603sq m corner site at 702 Woodville Road, it’s been owned by the Lee family since 2008 with the site which is seen as prime real estate tipped to fetch up to $85m.

What’s not known is how much of that money will be invested in Bing Lee or whether the family will invest further in Sydney properties which are tipped to rise in value following the easing of interest rates by the Reserve Bank.

The site which is just one of the Lee family’s extensive property holdings was placed on the market just days after Lionel Lee (seen above right) the son family matriarch Yenda Lee stepped down from the Narta board after 24 years to be replaced by Peter Harris tSeen above left) he current General Manager of Bing Lee.

According to the recent AFR Rich List the Lee family are worth over $700 million the business was founded by Bing Lee and son Ken Lee who ran the business for several year before Lionel Lee who is also running the family’s property portfolio took over.