No fuss investment: Half the Doors Plus store network to be sold in $30m+ deal
National retailer Doors Plus has listed 11 of the 24 stores in its network for sale under a leaseback arrangement.
The 11 stores for sale are currently owned and operated by Doors Plus, and are spread across five states.
Each shop will be sold with a three-year lease to the door retailer and an option to renew for a further three years, with net income ranging from $96,383 to $230,263.
This Doors Plus store in Sefton Park in Adelaide’s north is offered with a $138,534 net annual income. Picture: realcommercial.com.au
The portfolio includes four stores in Victoria, three in NSW, two in South Australia and one each in Queensland and the ACT.
Most are located on main arterial roads, and range in size from 408sqm to 1070sqm.
Two further sites, including a development site proposed for a showroom, are offered under vacant possession.
The portfolio can be purchased in one line, individually or in a combination of properties.
Several of the Doors Plus stores for sale include warehouses and offices. Picture: realcommercial.com.au
Price expectations for the entire portfolio, which has a total gross lettable area of 7,775sqm, are in the mid-$30 million range.
The sale is being headed up by Colliers agents Jordan McConnell and James Quick.
“This portfolio provides an incredible opportunity for savvy investors to secure a foothold across multiple states, given the incredible reputation and brand of Doors Plus and the secure and attractive leaseback terms,” Mr McConnell said.
“The properties are situated in some of Australia’s premium suburbs, making this a strong and secure investment.”
The national retailer is selling 11 of the stores it owns and operates. Picture: realcommercial.com.au
Mr Quick said the portfolio had a combined net income of approximately $1.615 million per annum, with fixed 3% rent increases.
“A portfolio of this quality and calibre with a national presence is incredibly rare, with interest expected to be very strong from a range of investors,” he said.
Most of the stores for sale are located on main roads, including this store on the Princes Highway in Springvale. Picture: realcommercial.com.au
Doors Plus was founded in 1989 by the Tavner family, which still runs the business, and has stores in all states and territories except Tasmania and the Northern Territory.
The company opened three new stores in the past 12 months in Gladesville and Kirrawee in Sydney, and Hawthorn in Melbourne, although these are not included as part of the sale.
Price expectations for the entire portfolio are in the mid-$30 million range. Picture: realcommercial.com.au
The remaining Doors Plus stores are located across Sydney, Brisbane, Perth, Geelong, Newcastle and Gosford.
The expressions of interest campaign closes June 4.
Doors Plus stores for sale:
- Unit 1, 1523 Sydney Road, Campbellfield, VIC
- 909 Princes Highway, Springvale, VIC
- Unit 1, 603 Whitehorse Road, Mitcham, VIC
- 276-282 Ballarat Road, Footscray, VIC
- Unit 11, 19 Victoria Avenue, Castle Hill, NSW
- Unit 9-10, 7 Hollylea Road, Leumeah, NSW
- Lot 13, 750-752 Pittwater Road, Brookvale, NSW
- 213-215 Main North Road, Sefton Park, SA
- 1199 South Road, St Marys, SA
- 62-66 Brisbane Road Labrador, QLD 4215
- 174 Gladstone Street, Fyshwick, ACT 2609
