A liquor store in the heart of Werribee is expected to sell for about $5.5 million when it is auctioned later this month.
First Choice Liquor Market, which is located at 29-33 Synnot Street, will be up for sale at Burgess Rawson’s next portfolio auction in Melbourne on Wednesday, October 30.
The property is leased to Coles Group on a seven-year agreement with eight five-year options.
The 2543 square metre site, with 105 metres of street frontage, returns an annual rent of $318,000.
Burgess Rawson director Billy Holderhead said the scarcity of large-format retail assets on the market, coupled with an “accessible price point”, meant the Werribee store could be popular with potential buyers.
“Investors want single-tenanted freehold investments leased to groups such as Coles Group and it’s rare to have a fully refurbished, large-format liquor store on an important corner in Werribee,” Mr Holderhead said.
Mr Holderhead said the site also had “significant future development potential”, with Werribee’s population predicted to grow by 88 per cent across the next two decades.
“The Werribee CBD has been rezoned for intensive development to promote new housing and new employment opportunities with infrastructure already in place [in Werribee],” he said.
Jamie Perlinger, also from Burgess Rawson, said the property was likely to attract buyers who were building up to owning a full-scale supermarket.
“It’s almost like a stepping stone to owning a supermarket,” he said.
The portfolio auction featuring the Werribee store will be held in Crown Casino’s River Room at 11am on Wednesday, October 30.