Victoria’s Basement divests retail assets amid business expansion
Homeware giant, Victoria’s Basement, has moved to sell three of its five Sydney stores as it looks to redirect capital towards business expansion across Australia and grow its online presence.
20 Aug 2018
The Sydney-based retailer has appointed CBRE’s Shaun Timbrell and Peter Vines to market for sale its outlets in Castle Hill and Auburn, while Hugh Anderson and Brad Sutton of Sutton Anderson are marketing its Artarmon store. The properties, which are all being offered for sale with opportunity for short to medium term leaseback to Victoria’s Basement, are expected to attract strong investment interest from local and overseas investors or owner occupiers.
Victoria’s Basement Director, Sam Kalanderian, commented: “We have owned and occupied some of these iconic locations for over 15 years with very successful trading. We are now seeking to capitalise on these valuable properties and their development potential to expand the business across the country into every state, with the purchase of new, strategically located retail and distribution centres.”
Located in the heart of Castle Hill’s large format retail precinct, the 5 Victoria Avenue property comprises a substantial freestanding building spanning close to 8,000sqm on an underdeveloped 17,200sqm site. The property is surround by major retailers and car dealerships, and within walking distance to public transport networks.
The Auburn property, located at 99-101 Parramatta Road, consists of over 4,000sqm building on a 4,330sqm parcel of land. Surrounded by major retailers, the property benefits from exposure to one of Sydney’s busiest intersections - Parramatta and Silverwater roads - and offers future development potential, as earmarked by the Greater Sydney Commission.
CBRE’s Peter Vines said all three properties were in strong trading locations that had experienced significant population growth in surrounding areas.
“The sale of these prominent sites unlocks attractive opportunities for investors and occupiers in some of Sydney’s most tightly held growth locations,” Mr Vines said.
“The sale of these stores by such a prominent brand in the homeware and retail industry represents a unique opportunity for purchasers.”
CBRE’s Shaun Timbrell commented on the opportunity: “The rezoning of land around Sydney is driving extremely strong demand from occupiers and investors looking to repurpose existing properties slightly further out, where we have also seen enormous population growth.”
The third property, located at 89-93 Reserve Road, Artarmon, comprises approximately 2,818sqm over three floors. Providing frontage to three roads, the property is surrounded by several major retailers, including Bunnings and Home HQ. Situated approximately 10km from the Sydney CBD, it is located nearby key commercial and retail precincts, including Chatswood, St Leonards and North Sydney.
Hugh Anderson added: “Artarmon is widely regarded as one of Sydney’s premier industrial precincts and sought-after areas due to its proximity to freeways and multiple train stations. We have seen increased pressure on stock supply due to surrounding zoning changes and updates to infrastructure like the light rail.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.