A Hobart property housing a ‘well performing’ BWS bottle shop has sold for $6.501 million at auction in Melbourne.
The sale of the Davey Street premises started at $6 million and reached $6.5 million before the deal was sealed with a final $1,000 bid.
Burgess Rawson partner Matthew Wright told realestate.com.au the BWS sale was a strong result.
“The store is and has constantly been one of Tassie’s best performing bottle shops, it’s no surprise to see it sold for a great price,” he said.
“We had a strong inquiry level throughout the campaign and in the end there were three active bidders.”
“The successful purchasers are a private Melbourne-based family. They are over the moon to secure an asset in Tasmania.”
“They were drawn to the asset with the ASX-listed lease covenant in Endeavour Group along with the long record of exceptional trading, the A-grade location being close to the CBD and Sandy Bay, as well as the homebound traffic that passes by daily.”
The property offers a 6.05% yield and has a secure 10-year lease until 2031, with options to 2051.
The tenant is responsible for covering all expenses, including land tax, rates, water, structural maintenance and insurance, due to its triple net lease structure.
The current tenant has been trading on-site for over 26 years.
