Rich lister sells Albury’s The Good Guys site

An Albury property leased to a The Good Guys outlet is the latest one of the electronic chain’s stores to find a new owner.

A local investor paid $5.175 million for the store at 437 Young St, after rich lister Andrew Muir put it on the market.

It marks the latest in a string of sale of The Good Guys stores, after a $150 million portfolio of 15 properties leased to the company were put on the market last year.

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The last of those sites, at Warrawong in NSW, sold in June this year for $7.15 million.

The major banks are certainly influencing the buying market by prioritising stability of income and calibre of tenant

Muir’s father founded the flagship The Good Guys store in Essendon in 1952, and the brand thrived under the family’s control for six decades before it was sold to JB Hi-Fi for $880 million in late 2016.

Savills’ Clinton Baxter, Nick Peden and Jesse Radisich brokered the latest deal, with Baxter saying the regional retail market continues to strengthen.

“Investors are desperately seeking well-located retail properties with long leases and attractive rental yields, and are prepared to look beyond the major metropolitan areas to meet their purchase objectives,” he says.

“The major banks are certainly influencing the buying market by prioritising stability of income and calibre of tenant.”