Masters selloff continues as three NSW stores change hands
Three more former Masters sites have changed hands for a total of $70 million as properties once controlled by retail giant Woolworths’ home improvement venture are seized by new owners.
The latest carve-off of the Masters sites comes in the wake of Charter Hall’s unlisted wholesale fund last week buying a portfolio of former Masters outlets in a $187 million deal.
Woolworths last week completed the sale of its shares in Masters’ holding company to the private Home Consortium, which is turning the bulk of the sites into new large-format retail centres featuring Spotlight, Anaconda, Chemist Warehouse, JB Hi-Fi and The Good Guys. The failed hardware chain cost Woolworths shareholders more than $3.5 billion, but the savvy Home Consortium has been carving off properties that are not suited to its needs.
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Three properties in Sydney and the Hunter Region of NSW have now been sold for a total of $70 million after being marketed by agents Cushman & Wakefield.
Industrial giant Goodman Group picked up a freehold site at Corish Circle in Banksmeadow in Sydney for $25.2 million.
The former Masters site at Heatherbrae in New South Wales.
The 2.29ha vacant industrial development site with access to two streets is 12km south of the Sydney CBD and 2km from Port Botany.
Further north in the Hunter Region, a former Masters site at 8 Griffin St Heatherbrae sold for $12.3 million The property includes a 4029sqm large format retail development tenanted to PETstock, Don’s Tiles and Boating Camping Fishing Heatherbrae. It also includes a 13,153sqm hardware retail warehouse.
Elsewhere in Sydney, a warehouse and office site in Frenchs Forest tenanted to Australia Post sold for $32.5 million. The site at 206 and 8 Rodborough Rd and 357-373 Warringah Rd generates annual rental income of $940,000 per year with an estimated fully leased income of $3.36 million.
The deal follows Charter Hall’s Long WALE Hardware Partnership’s acquisition of a series of sites that will become Bunnings stores. It now will have 41 Bunnings-leased assets worth $1.4 billion around the country after the deal.
This article originally appeared on www.theaustralian.com.au/property.
