This article is from the Australian Property Journal archive
GAINSVILLE Furniture’s Thomastown showroom has sold to a Hong Kong investor for $7.8 million after just ten days on the market.
Savills agents Jesse Radisich, Clinton Baxter and Benson Zhou sold the 1.238-hectare site at 187 Settlement Road in Melbourne’s northern suburbs, which has a 7,026 sqm building.
Gainsville signed a 10-year lease with two five-year options last year, with the furniture retailer having expanded its space the location,
The sale price reflected a 6.72%, with the current lease returning a net rental of $524,233 per annum plus GST and outgoings with 3.5% increases.
It comes just a few weeks after Savills sold the Balwyn home of bedding store Back to Sleep for $7.3 million at 313-315 Whitehorse road in the eastern suburbs, while in September a large format retail asset in Hawthorn with Snooze and Sofas Direct outlets sold for $25 million.
Also in the east, expressions of interest have closed for the 8,000 sqm at centre 200-206 Whitehorse Road and 2-8 Ashburn Place in Blackburn, leased to furniture retailer Early Settler and Nationwide Towing.
Australian Property Journal
