THe Good Guys Stores Sold
After netting $850M from the sale of The Good Guys to JB Hi Fi the Melbourne based Muir Family have now sold their last 15 Good Guys Stores for a combined $150 million on yields ranging from 6.25 to 8 per cent.
A Sydney investment group snapped up a portfolio of five retail properties for $63 million spread across Victoria, NSW and Queensland including The Good Guys in Caringbah in Sydney’s Sutherland shire, which sold for $29.5 million. In June, the Muir family sold a Good Guys in Wollongong for $7.15 million.
According to the AFR selling agents Savills Australia had declared the portfolio fully sold for a combined $150 million in June, but this excluded the Albury store, which the Muir family had initially elected to retain, explained lead agent Clinton Baxter.
“The family had a change of heart and put the Albury store up for sale, and it has now sold,” said Mr Baxter, who negotiated the deal alongside colleagues Nick Peden and Jesse Radisich.
According to The Good Guys portfolio information memorandum, the 2910-square-metre Albury property at 437 Young Street brought in $440,000 in net rent ($535,000 on a fully let basis), reflecting a passing yield of 8.5 per cent.
“Investors are desperately seeking well-located retail properties with long leases and attractive rental yields and are prepared to look beyond the major metropolitan areas to meet their purchase objectives,” Mr Baxter said.
“The major banks are certainly influencing the buying market by prioritising stability of income and calibre of tenant,” he told the AFR.