Myrtleford hardware store sees mighty interest
A Victorian hardware store “trading its backside off” since the state went into lockdown is expected to become one of the priciest properties in its regional town.
The Myrtleford Mitre 10 has been listed for sale for the first time in three decades, with a mix of wealthy Melbourne families, investors from NSW and Western Australia, plus cashed-up local farmers hoping to add it, and the almost $300,000 it pays in rent a year, to their tool belt.
Gross Waddell’s Alex Ham says it was hard to be sure exactly what the 4600sqm store at 39-49 Myrtle St will sell for, but he expected it would be about $3.5-$4 million.
A figure anywhere in the range would make it the second most expensive property in the popular Alpine Shire town, according to CoreLogic records.
The hardware store has been in demand with locals looking to tackle projects at home.
An office building a few doors down sold for $4.8 million last year.
Ham says the frontrunners for the property have an idea of how popular the store is, and are mostly locals or rich Melbourne families with hobby farms in the area.
“The closest Bunnings is in Wangaratta, 50km away,” Ham says.
Drive through collections help maintain social distancing measures.
“One of the guys up there said it was ‘trading its backside off’ over the weekend.
“No one knows what to do, so they are all doing home improvements.”
Wangaratta-based conjunctional agent Garry Nash says they have been surprised by the level of inquiry.
The property is on Myrtleford’s main road close to the centre of town.
“It’s been very good, and quite surprising given what everyone is going through at the moment,” Nash says.
“Hardware stores don’t come up often. And it’s a hardware store that supplies Myrtleford, Bright and up into the alpine country.
“We’ll throw in a hammer with the sale.”
The property covers about 4500sqm of land.
The hardware store is currently paying $284,100 a year in net rent and has a 15-year lease expiring in 2025 with options thereafter.
It offers drive-through collections, perfect for keeping your distance while picking up some weekend project supplies.
Nash says it employs more than 30 people, and with delivery and tradesmen relying on it as well, is “an integral part of the Ovens Valley”.
Expressions of interest for the store are due by 4pm, April 23.
This article from the Herald Sun originally appeared as “Cashed-up buyers bolting to Myrtleford hardware store”.
