Doors Plus unlocks $30 million selling half its stores

Private high net worth investors have outbid institutions to buy almost half the stores in the Doors Plus network.

The circa $30 million deal represents a major payday for the Tavner family, who founded the well-known retail brand in 1989.

The properties on offer spanned five states, including four in NSW, four in Victoria, two in South Australia and one each in Queensland and the ACT.

Almost half the Doors Plus network was sold to private high net worth investors and family offices under a leaseback arrangement, including this store in Labrador on the Gold Coast. Picture: realcommercial.com.au

The sale included 10 stores, one vacant industrial unit and a development site.

More than 150 offers were received which generated strong competition, according to Colliers, who handled the sale with transaction advisers Ellerston Capital Solutions.

This Doors Plus store in Sefton Park in Adelaide’s north was offered with a $138,534 net annual income, and was purchased by a local investor. Picture: realcommercial.com.au

Although there was the option to purchase the entire portfolio in one line and interest from several institutional, individual deals were ultimately done with high net worth buyers and family offices. 

One NSW-based buyer picked up three stores in Fyswick in the ACT, Springvale in Melbourne’s east and Leumeah in southwest Sydney.

The sale of almost half the Doors Plus network comes after a controlling stake in the business was sold to private equity group Colinton Capital Partners. Picture: Supplied

The stores were offered under a leaseback arrangement, with three-year leases and the option to renew for a further three years.

Colliers agent James Quick said the sale demonstrated strong demand for well-located trade retail assets.

“Despite short lead times and a complex mix of titles and lease structures, buyer engagement was overwhelming,” he said.

The 12 assets sold spanned across five states. Picture: Supplied

The sale comes amid the first major ownership restructure of the business, known for its catchy jingle, since it was founded 35 years ago.

Private equity firm Colinton Capital Partners acquired the Doors Plus business for $60 million in September, with the founding Tavner family retaining a 20% stake.

Doors Plus operates 22 showrooms and five distribution centres, with plans to open additional sites and refurbish existing stores.