Supermarket and liquour store to stay despite sale
A supermarket and liquour store in Ettalong will continue trading despite their premises being placed on the market.
A listing showing "vacant possession" did not mean the Ettalong IGA supermarket or the BWS Ettalong liquour store would be closing, according to real estate agent Mr Patrick Mitchell of the Street Property Group in Newcastle.
"The stores are certainly not closing," he said.
"They are two of the busiest stores in NSW.
"The sale represents a very, very solid investment."
The property at 396 Ocean View Rd is described as having a land area of 904 square metres and a floor area of 872 square metres
Headed "Blue Water Prime Investment", the listing states it is a freehold investment leased to Woolworths, as a "long-term secure blue chip tenant".
Mr Mitchell said: "We have nearly 50 enquiries to date from all over Australia and overseas and it has only been on the market two weeks.
"The leases earn a net income of $374,600 per annum net plus GST.
"Woolworths Limited have the head lease and sublet to the IGA.
"I would expect with such strong tenants, and they have been there over 15 years, that the properties would sell for around a six per cent yield."
This equates to around $6.25 million.
The sale is by expressions of interest, which close on Wednesday, December 15.
SOURCE:
Website, 6 Dec 2023
Patrick Mitchell, Street Property