Savills selling Good Guys, Fountain Gate

Savills Australia is marketing two showrooms occupied by national retailer, The Good Guys at Fountain Gate Super Centre in Melbourne’s outer east. 

The property is expected to fetch more than $7.25 million when offers close June 17.

The property at 48-50 Victor Crescent, Narre Warren, comprises showrooms 12 & 13, totaling 2350 square metres.

Savills Australia industrial director Chris Jones says the property offers a secure income stream with a long established tenant of 15 years .

It comes with a ten year lease to Sheedy-Muirs Pty Ltd (The Good Guys) at a current net income of $561,605 per annum

"The property is part of a well-established showroom precinct including Snooze, Amart Sports Barbecues Galore, Ray’s Outdoors and Spotlight, which is located directly adjacent to a Bunnings Warehouse and the Fountain Gate Shopping Centre, the Monash Freeway, and Narre Warren-Cranbourne Road.

"The key driver for the co-location of such a plethora of national brand retailers has been the surrounding residential catchment in the City of Casey, one of Victoria’s fastest growing municipalities,’’ Mr Jones said.

Chris Jones said showroom properties had been popular with investors this year including the recent sales of a showroom in Epping which sold for circa $6 million on a 6.5% yield and a showroom at 1085-1087 Western Highway, Ravenhall which sold for $5.25 million on a 6.9% yield.