Northern beaches supermarket to go up for auction
A new supermarket on Sydney’s northern beaches has arrived to market for auction later this month.
Brought to market by Burgess Rawson agent Darren Beehag, the commercial site of 22-26 Albert St is a unique offering as supermarkets don’t often come up for auction – particularly in the northern beaches area.
The site is a brand new supermarket that offers a 10-year lease to 2031, which offers further commercial options to 2056.
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An aerial view of the supermarket site.
According to Mr Beehag, the Freshwater site offers an exceptional street presence with a wide retail frontage next to Bakers Delight.
“Freshwater is a tightly held and highly desirable residential location with $3.6m average house price and 46 per cent capital gain in 2021,” Mr Beehag said.
“This site offers an easily managed single tenant investment, the current tenant is paying more than $473,000pa.”
A diagram showcasing the layout of the supermarket.
In 2019, the supermarket’s future had been in doubt due to a protracted legal battle between the developer of the residential and commercial site that covers the 1,173sqm supermarket and its frontage building.
Cremorne-based Karellas Group, which has six IGA stores around Sydney, signed off on the site back in 2012 and were hoping to open a Supamart IGA in the new building in 2018 – the same year in which the former Freshwater site closed.
It trades under IGA’s large format newest supermarket brand Supamart.
“Freshwater and the broader beaches area has remained resilient during Covid and only continues to perform stronger over the past month or so.”
“This commercial development has been in the works for a long time and we’ve had plenty of strong interest from locals in the area, but also those in other parts of the northern beaches.”
Departments of the supermarket include deli, seafood, meat, poultry, fruit and vegetables.
The site will go under the hammer on May 10th at the Sydney Opera House.
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