Final domino falls in huge The Good Guys selloff

The Good Guys store on King St in Warrawong.
The Good Guys store on King St in Warrawong.

Rich lister Andrew Muir has sold off the last one of 15 The Good Guys retail sites for a cool $7.15 million.

The sale at 75-89 King St, Warrawong, marks the final property in the The Good Guys portfolio to be sold off by Muir, with the combined sales netting a total of $150 million.

The property portfolio was one of the most highly anticipated selloffs in the retail sector in recent years, with both local and overseas investors showing strong interest.

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Savills agents Clinton Baxter, Nick Peden and Jesse Radisich brokered the final deal for the New South Wales store with a Sydney investor, and say the result proves confidence in Australia’s retail market is returning, despite the threat of overseas players and online retailers.

“We are witnessing renewed strength and confidence in the large format retail sector, as investors continue to digest the presence of Amazon in Australia,” Baxter says.

“They’re now recognising that the potential impacts for the commercial property market are likely to be insignificant.”

Muir’s father founded the flagship The Good Guys store in Essendon in 1952.

The brand thrived under the family’s control for six decades before it was sold to JB Hi-Fi for $88 million in late 2016.

The sites were listed in April last year with expectations they would fetch $130 million.

The majority of the sold stores are located in New South Wales and Victoria but sites in Queensland and Western Australia were also snapped up by investors.