FIVE FORMER ORIGIN SHOPS FOR AUCTION IN MELBOURNE, BALLARAT & GEELONG

…two as leased investments and three with Vacant Possession

GrayJohnson has been appointed by Origin Energy, one of Australia’s major energy suppliers and a Top 200 ASX listed company, to sell by auction a portfolio of its former Origin Shops now surplus to its needs as a result of a review of its retail market presence.

Two of the three Melbourne suburban properties are being offered with recently executed long leases to new tenants and with their important local shopping strip locations are considered attractive property investments.

Another three each occupying premium retail locations in their respective positions will be offered for sale with vacant possession.

GrayJohnson will offer the five retail properties for sale by auction in a campaign commencing from Wednesday 3 March.

Two of the properties in the regional centres of Ballarat and Geelong are to be offered with vacant possession and with their premium locations in the local business centres will represent opportunities to invest, further develop or to owner occupy for retail or commercial purposes.

The first Melbourne suburban property to be offered on Wednesday 3 March at 12 noon on site is at 411 Centre Road, Bentleigh comprising a two level retail and office building of 340 sqm.

Located on the corner with Vickery Street it occupies a prime, landmark corner position being only metres from the local Coles Supermarket, abutting the local Council car park and central to the local retailing and banking precinct.Offered with vacant possession its auction presents a rare opportunity to acquire a holding in one of Melbourne’s leading south eastern suburban shopping strips.

The price expectation is for a sale in the region of $1.9 million.

The second property to be auctioned also on Wednesday 3 March on site at 3 pm is located at 38 Portman Street, Oakleigh another very strong suburban shopping and services precinct.

Also located on a corner site the property is a 230 sqm double storey retail building most of which is comprised of the 170 sqm street level area.

The property is leased to a local trader at a commencing annual rental of $65,000 plus GST and outgoings for a five year term which commenced from 13 July 2009 plus one further five year option.

The price expectation here is in the region of $1.5 million as selling agent GrayJohnson director Matt Hoath says that Portman Street is a very tightly held strip with properties offered being keenly sought by existing owners in the street in particular.

“A bonus here is the corner location which is within metres of the entry to the local Centro Shopping Centre.”

Another securely leased retail investment at 452 Sydney Road, Coburg will be offered at auction on Thursday 4 March also on site at 12 noon.

The former Origin Shop is now leased to The Salvation Army (Vic) Property Trust under a five year lease, which commenced from 14 September last year with two further five year options.

The commencing annual rental is $48,000 plus annual reviews of 3.5% and a market review at the exercise of the option.  GST and outgoings are also met by the tenant.

The property which has an area of 180 sqm behind a glass shopfront with a street exposure of 5.6 metres also has excellent rear access.

The market price expectation at auction is in the vicinity of $950,000.

The next on site auction offering on Friday 5 March at 11 am will be 31 Sturt Street, Ballarat, being a prime retail and office property comprising a double fronted iconic Victorian era building previously used for retail purposes on the ground and first levels of 570 sqm, together with a basement and second floor of another 220 sqm which are not used and would require refurbishment.

The property with a frontage of 10 metres formerly an Origin Shop is strategically located in Ballarat’s ‘main street’ where freehold properties are rarely on offer.

The price estimation is in the region of $1.1 million with vacant possession.

The Geelong property at 161-163 Ryrie Street is another retail holding in the heart of the City comprising an older style two level retail building with a leasable area of 785 sqm formerly used as an Origin Shop.

There is also a basement or loading bay area of another 125 sqm with additional attractions of off street parking space for two vehicles with access from a rear laneway plus a small storage shed and a security gate.

The property with a street exposure of 10 metres will be auctioned with vacant possession on site on Friday 5 March at 3pm.

“We are nominating an indicative price of $1.2 million for this property at auction as it has a rarity factor for its location and potential in Geelong.”

Further property particulars are available on request to GrayJohnson on 9654 3022 or Jens Schoppert on 0425 791 293 or Matt Hoath on 0418 543 714.