Homewares retailer Victoria's Basement lists three Sydney assets
Homeware giant, Victoria’s Basement, has moved to sell three of its five Sydney stores.
It seeks to redirect capital towards business expansion across Australia and grow its online presence.
The Sydney-based retailer has appointed CBRE to market for sale its outlets in Castle Hill and Auburn, while Hugh Anderson and Brad Sutton of Sutton Anderson are marketing its Artarmon store.
The properties, which are all being offered for sale with opportunity for short to medium term leaseback to Victoria’s Basement, are expected to attract strong investment interest from local and overseas investors or owner occupiers.
Victoria’s Basement director, Sam Kalanderian said it had owned and occupied some of these iconic locations for over 15 years with very successful trading.
"We are now seeking to capitalise on these valuable properties and their development potential to expand the business across the country into every state, with the purchase of new, strategically located retail and distribution centres,” Kalanderian said.
Located in the heart of Castle Hill’s large format retail precinct, the 5 Victoria Avenue property comprises a substantial freestanding building spanning close to 8,000 square metres on an underdeveloped 17,200 square metre site.
The Auburn property, located at 99-101 Parramatta Road, consists of over 4,000 square metre building on a 4,330 square metre parcel of land.
Surrounded by major retailers, the property benefits from exposure to one of Sydney’s busiest intersections - Parramatta and Silverwater roads - and offers future development potential, as earmarked by the Greater Sydney Commission.
The third property, located at 89-93 Reserve Road, Artarmon, comprises approximately 2,818 square metre over three floors.
It is understood the sale of Artarmon, Castle Hill and Auburn will fetch about $100 million.
This follows the group's plans to develop its store on Euston Road in Alexandria in Sydney's inner city into a 27-unit build-to-rent apartment block.
The plans were lodged with the City of Sydney council last month.