Beaumaris IGA to be sold under the hammer

Melbourne, 15 September 2014 – A prominent Beaumaris property securely leased to national retailer IGA will be auctioned this month - marking the first time the asset has been offered for sale.

CBRE’s Victorian Retail Investments team, comprising Justin Dowers, Rorey James and Josh Rutman, have been appointed to market 6-12 South Concourse on behalf of the private vendor.

The freestanding building, which is securely leased to longstanding tenant Beaumaris IGA until 2024, is situated on a 810sqm land holding and features 24 metres of high profile exposure onto Beaumaris’ main retail hub – Concourse Shopping Centre. The property currently generates a net income of $265,743 per annum.

Mr Dowers said the property’s location and investment appeal would be key selling factors, with the significant depth in the buyer market for non-discretionary focused assets like supermarkets driving strong enquiry to date for Beaumaris IGA.

“This is a truly unique opportunity to break into one of the most tightly held markets in Australia with a blue chip investment leased to IGA on a brand new 10-year lease,” Mr James said.

“Beaumaris IGA benefits from a prominent location within the well-established and popular bayside suburb of Beaumaris. It also benefits from close proximity to major boutique and national retailers, as well as substantial free car parking nearby.”

Mr James added: “Its strong investment appeal is further underpinned by the fact that this property is the sole supermarket in Beaumaris, as well as the only freestanding supermarket asset currently being offered to the Melbourne market.”

The property is being offered to the market via a public on-site auction on September 19 at 12.30pm.