Snag a great investment at Barbeques Galore auction
A LARGE Launceston CBD retail asset is set to be sold at auction on Wednesday.
The high exposure Barbeques Galore building at No.151-159 York St will be the only Tasmanian asset to be sold under the hammer at a series of Investment Portfolio Auctions held across the nation.
The building has attracted a wealth of inquiry since its sale campaign launched in recent weeks.
Knight Frank commercial sales and leasing agent David Webster said the property had been the home of Barbeques Galore in Launceston for some 18 years.
“The high-profile nature of the property, being so exposed to such a volume of traffic has proven itself as an effective showroom location and ‘billboard’ for the brand over many years,” he said.
Nicholas Bond, Knight Frank director, anticipates investors will be drawn to the property’s lease term and its prime location adjacency to Wellington St’s Woolworths complex.
“We are well into the campaign with a strong level of inquiry coming from mainland and Tasmanian interests,” he said.
“We have also done several on-site inspections with a positive response overall.
“The market feedback is that they are attracted to the asset due to its long-term lease and history with the Barbeques Galore brand, as well as its strategic location and multi-street frontage.”
The single-level property incorporates a recently refurbished 1125sq m building on 1630sq m of land, with rear access from Elizabeth St.
The works include upgraded LED lighting, polished concrete floors, new paint inside and out, the installation of a disability-accessible ramp to the store entrance and automatic sliding doors.
This asset is secured by a long-term lease, with the national retail brand for eight years to November 2029. There is also an eight-year option through to 2037.
The property generates an estimated net rental of $162,500 per annum plus GST before the owner’s outgoings, and rental growth is guaranteed through fixed annual 3 per cent increases.
The location fronts one of Launceston’s major thoroughfares, and is nearby Woolworths, Dan Murphy’s, Zambrero, Nissan, BP, Bucky Motors, Shell and Forty Winks.
Barbeques Galore is a market-leading barbecue, outdoor furniture and heating retailer founded in 1977 and now with over 90 stores nationwide.
No.151-159 York St Launceston is offered for sale in conjunction with Burgess Rawson, at an auction to be held on September 14 at the Crown Casino, Melbourne, commencing from 10.30am.