Good Guys store at Warrawong sold to local investor

A retail property leased to The Good Guys in Warrawong, New South Wales, has been sold to a local investor for $7.15 million.

The new owner would be holding the site as an investment, with the current lease having about three-and-a-half years left to run, plus a five-year option.

Savills Australia’s Clinton Baxter, Nick Peden and Jesse Radisich brokered the deal for 75-89 King Street on behalf of AFR Rich Lister, Andrew Muir, whose father founded The Good Guys.

The consumer electronics retail chain was subsequently sold to JB Hi-Fi for $880 million in 2016.

“We are witnessing renewed strength and confidence in the large format retail sector, as investors continue to digest the presence of Amazon in Australia,” Baxter said.

The sale finalises Savills Australia’s brokerage of a $150 million portfolio of properties leased to The Good Guys across Australia.

The Muir family put the portfolio of 15 stores up for sale in April 2017 with expectations of about $130 million after selling the chain to JB Hi-Fi in 2016 for $870 million.