The two major retail chains in the country, Woolworths and Coles continue to aggressively increase their supermarket store size in a bid to win marketshare.
Ray White has been appointed to sell not only an impressive new freestanding Woolworths but also an adjoining Dan Murphy’s in East Tamworth. Tamworth, located in NSW, is Australia’s largest inland Regional City and has a population nearing 110,000. Woolworths have taken a new 20 year lease and Dan Murphy’s agreed a 15 year lease with a combined net income of over $2 million per annum.
The property is expected to sell for between $25 – $30 million and it is a significant appointment for the group in terms of it’s nationally expanding commercial capabilities.
Andrew Schmidt, Retail Director said that “the new Woolworths of 4,800 square metres will be the largest provincial Woolworths in NSW, which is an impressive commitment.”
The sale opportunity received considerable editorial in The Financial Review (Thursday the 20th of March) and strong enquiry has been received from some of the key leading retail investors and property funds in Australia, and additionally international interest.